The federal government through the minister of Power, Mr. Adebayo Adelabu has assured plans to improve power sector, which will cut down on cost of operations for the Organised Private Sector(OPS), players in the informal segment, manufacturers, among others.
The power sector, he said, is expected to meet the energy target of 2030 by utilising the landscape for industry players to meet economic needs.
According to him, the power sector will drive economic growth in informal markets and improve liquidity amongst key players to achieve the energy target by 2030 while stating that, for a prosperous energy future to come, there is need to make huge investment in the subsector.
Achieving this, the minister called for improved liquidity amongst key players in the industry, noting that, multi-sectoral players in the power sector must increase drive and sectoral growth to harness its potentials.
Adelabu while speaking on the sidelines of Nigeria Energy Leadership Summit in Lagos, posited that, energy must reach small businesses, institutions and businesses, noting that, stakeholders in the sector, particularly, experts must draw strategies to improve liquidity of the sector.
Themed ‘Unlocking new value with reforms, investments and technology,’ the minister sought the need to strengthen key markets in Nigeria amongst manufacturers, investors, strengthen foreign partnership and increase foreign direct investment
Adelabu also reiterated the need to expand the Informal markets by strengthening favourable outcomes to improve businesses and livelihoods to grow GDP and attract foreign direct investment.
He said, energy is the lifeblood of any economy and no meaningful growth and development can be achieved without tapping the needed potential and resources of the energy and power sector which is the cornerstone of nations growth and prosperity.
He averred that the national energy needs comprises of energy fuel, renewable energy, energy transition, metering while hinting that, the greatest need is the power for the unserved and underserved communities in the country ranging from energy sustainability and addressing climate change to surmount challenges of the future.
He charged organized private sector and operators in the industry to join collaborative efforts to build a more sustainable energy future. We must arrive at workable solution and leverage the opportunities provided with incredible power solutions, he said.