Dr. Dere Otubu, Chairman of the Board of Directors of Eko Electricity Distribution Company (EKEDC), has underlined the need for additional investment in the power sector to satisfy Nigeria’s growing energy demand.
Speaking during the Nigeria-India Business Council’s (NIBC) India Trade Mission to Nigeria in Abuja, Otubu stated that Nigeria has huge potential in the power sector that may be realized with adequate capital injection from investors.
Otubu, the NIBC’s Vice President, emphasized the importance of long-term investments in building a robust and stable power infrastructure. He emphasized the necessity of collaboration between Nigeria and India in achieving progress in the energy and other areas, EKEDC.
He added that, while progress has been achieved in overhauling Nigeria’s power business, additional capital expenditure is required to boost generating, transmission, and distribution capacities. Otubu noted the continuous issues faced by the power sector, emphasizing the importance of implementing new solutions.
He stated: “The power industry is the backbone of every healthy economy, and as we see the dynamic expansion in Nigeria, it is critical to invest more resources in power to achieve the required growth. This would not only address the current energy deficit, but also establish the groundwork for long-term economic development.”
EKEDC
Highlighting the opportunities, he stated that only around 55% of Nigerians have access to energy, showing potential for growth as additional consumers connect to the grid.He welcomed the NIBC trade mission’s arrival, which will build a long-term trading cooperation between the two nations.
Source: guardian.ng
