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The Minister of Power, Adebayo Adelabu, has emphasized the need for appropriate and enabling legislation to demonstrate the Nigerian Government's commitment to power sector reforms.
He stressed that the implementation of necessary reforms in the power sector required suitable legislation, and emphasized the importance of allowing the market to determine sector operations and implementing policies to attract investment, improve sector liquidity, and enhance market governance, all of which he identified as critical issues in the sector.
The minister also highlighted the negative impact of Nigeria's heavy reliance on imports on foreign exchange, and revealed that the government is taking steps to address this situation.
He outlined that one of the key objectives of the power sector reforms is to expand energy access, involve more stakeholders in the energy network, and support the growth of industries and institutions through the power sector.
These remarks were made during a meeting with the Spanish Ambassador to Nigeria, Julian Sell, in Abuja.
Sell was accompanied by the Deputy Head of Mission, Embassy of Spain, Maria Higon Velasco, and Head of Cooperation, Santiago Ferera.
Adelabu further stated that the targets are aimed at improving the quality of life for Nigerians by providing them with access to energy, as well as establishing impactful institutions in health and education, and ultimately attracting investors and fostering industrial growth.
He also acknowledged the high pressure faced by Nigeria due to its heavy reliance on imports despite its abundant natural resources.
"The Federal Government's plans include promoting the export of value-added products by developing local manufacturing industries, with the goal of gaining international recognition and creating employment opportunities for Nigerians," Adelabu said.
Additionally, he highlighted the country's energy transition goal to collaborate with international partners to reduce carbon emissions in the environment.
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