Minister of Power, Adebayo Adelabu has said that complaints about rising petrol prices have drastically reduced due to improved electricity supply in the country.
Speaking on Tuesday at the 2024 Nigeria Energy Exhibition and Conference in Lagos, Adelabu highlighted how better electricity supply has reduced the public’s need to rely on petrol for generators.
Adelabu said, “People don’t need to buy petrol again as much as they used to do for them to have power. That’s why the noise is even at this level.
“If they had to be going to the filling stations to buy N1,000 per litre of petrol to generate electricity, we would have even had louder noise from the public.”
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Reflecting on Nigeria’s power generation, the minister lamented the slow growth.
“It took us almost 40 years to generate additional 2000MW from the 2000MW milestone we achieved in 1984,” he stated. “Now, we have taken it to an average of 5000MW, with a peak of 5,527MW on the third of September.”
Looking ahead, Adelabu projected that by the end of 2024, the Nigerian Electric Supply Industry (NESI) could increase its revenue to N2 trillion from the N1 trillion generated in 2023.
“We will achieve nothing less than N2 trillion for the industry in 2024.
“We cannot achieve energy expansion with government spending alone, the capital must come through the private sector,”he added.
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