NERC, Stakeholders Seek Dedicated Funding to bridge investment Gap in Power
The Nigerian Electricity Regulatory Commission (NERC) and stakeholders in the power sector have advocated for a dedicated financial institution that would cater only for the energy sector while meeting the massive investment gap in the industry.
Panellists at the 14th edition of the 2023 PwC’s annual power and utilities roundtable made the call at an event held in Lagos, yesterday.
The call came as Vice President Kashim Shettima identified mass production of electricity meters as crucial in efforts by the federal government to address the challenge of power in the country. Shettima stated this yesterday at Oraifite, Ekwusigo Local Government Area of Anambra State, during the inauguration of an electric energy meter manufacturing factory.
Speaking at the third edition of the annual workshop organised by the Power Correspondents Association of Nigeria (PCAN) in Abuja, Minister of Power, Adebayo Adelabu, stated that President Bola Tinubu was determined to provide a reliable and regular supply of electricity to households and businesses in the country.
The theme for this year’s forum was, “The Electricity Act 2023: Powering Nigeria.”Speaking as a member of the 2023 panellists, the Commissioner, Legal, Licensing and Compliance, NERC, Mr Dafe Akpeneye, said the country should seek to have a dedicated financial institution for the power sector. Akpeneye said the country should seek a single law that covered the federation, like India.
He stated that the sector, being critical to the country, needed long-term investment, which the local banks could not provide.
Earlier, in his keynote address, the Partner, West Africa Area, Energy, Utilities and Resource Leader, PwC, Pedro Omontuemhen, reiterated that investors in the country should be looking at synergy and collaboration in the areas they have comparative advantage.
