About 40% of Nigerians do not have access to electricity from the national grid, and even those who have access are victims of regular blackouts. The economic cost of these power shortages in Nigeria is estimated at around $28 billion - equivalent to 2% of its Gross Domestic Product (GDP). To put this in context, The CBN recently released data showing that Nigerians spend about $14 billion on petrol or diesel-powered generators and fuel annually. Nigeria’s power problem has lingered well over 40 years. How do we intend to produce enough for ourselves as a nation and export at the same time if we do not generate and distribute enough power to improve production?
Today, 81% of power generation comes from gas and the rest from hydro sources. Nigeria has an installed electricity generation capacity of 13,090 megawatts (MW) of electric power and we generate only about 5000MW.
My government will focus on increasing renewable energy generation capacity up to 60%. We will invite innovators, Independent power providers (IPPS) and tech firms to leverage solar, wind and biomass energy sources to provide off-grid solutions to effectively boost power generation and distribution to the smallest home and shop owners in the rural areas.
We will also amend our Electricity Regulations to allow companies to generate electricity and sell to the grid and other consumers without licences if they generate less than 100 MW.
A powered-up Nigeria is a producing Nigeria and as a result a prosperous Nigeria.