Minister of State for Power, Goddy Jedy Agba, has said that Nigeria requires at least $4 billion funding annually in the sector to be able to enjoy steady power supply.

He said the challenge of the Power Sector Reform is the unavailability of this humongous amount. The minister made this remark at a virtual Global Power Sector Players Conference (GPPC), presided over by the United Nations’ Secretary General, Antonio Guterres. 

He therefore called on the UN to continue to support Nigeria’s strides towards improving power generation and transmission while seeking for partners to invest in the sector, noting that Nigeria is a strategic gateway for investment in the power sector and other sectors of the economy in Africa.

Agba said President Muhammadu Buhari has achieved a lot in the sector in addition to his readiness to also invest in renewable energy to complement and ensure steady supply.

“Our ambition is demonstrated by the recent removal of the fuel subsidy in Nigeria which now makes the off-grid sector more competitive, as well as the 5 million solar connections Programe which was included in the Covid 19 recovery strategy, Economic Recovery Sustainability Plan”, the minister declared at the conference. 

Agba assured that the Buhari government is taking necessary steps to merge its energy access and energy transmission to improve access to quality electricity supply, adding that the largest unelectrified population globally resides within the borders, and it is important to give access to the people estimated to be over 85 million using renewable sources to maintain Nigeria and Africa’s low contribution to carbon emission.

He said the Buhari government has addressed some areas of challenges like accountability, transparency and technical capacity, thereby creating an enabling environment for investment the sector.

Mr Guterres on his part assured that the United Nations is prepared to give Nigeria the necessary support in line with the Minister’ s request, even as he pledged that the UN would improve on the help it is currently giving Nigeria. 

President of African Development Bank, (AFDB), Dr Akunwumi Adesina, also participated at the conference. He promised to assist Nigeria overcome its power challenge.