President of the African Development Bank, AfDB, Akinwumi Adesina, has stated that it is unacceptable for Nigeria to be delivering 4,500 megawatts of power.
Speaking on the sidelines of the Africa Investment Forum ongoing in Sandton, South Africa, the former Nigerian minister of Agriculture stated that he is ashamed of the country’s power generation.
Speaking with CNBC Africa on Wednesday, he said, “My own perspective in everything that I do is that my philosophy of development is simple; if I am not ashamed of something I don’t change it. But if I am ashamed of something, I’d change it.
“I don’t think it’s acceptable that Nigeria is hovering in 4,500 megawatts space. No. Nigeria ought to be in 40,000 megawatts space. That is what we should be talking about.”
Adesina stated that the African Development Bank has invested over $200m in driving power generation and transmission in Nigeria.
According to him, “I think that we as a bank are strongly supportive, we’ve been investing in Nigeria for quite some time, we have been working with the minister of power right now.
“We are working with them on the Transmission Company of Nigeria, in which we have invested over $200 million to help to improve the transmission line.
“We’ve supported Nigeria Bulk Electricity Trading company because they had issues in terms of liquidity and we provided $200 million to help them unblock some of those things
“We are also going to be investing in solar. With the minister of power, we are looking at something in the Jigawa area, which would be about 1,000 megawatts.
“We are also investing in other types of renewable energy, on the small scale,” the AfDB president said.
Newsworth recalls that the federal government had through the Minister of Information, Lai Mohammed, says it will increase power generation to 9,000 megawatts by the end of 2018, adding that the government will also embark on 90 power transmission projects nationwide to further raise power generation capacity.
Speaking recently, the minister said, “By the end of this year, we are going to have an extra 2,000 megawatts of power to add to the 7,000 that is being generated
“So we can say that when we came in 2015, two arms of power had been privatised – generation and distribution – leaving only transmission.
“Power generated by all the 13 or so generating companies was 4,000 megawatts; power distributed by all the DisCos (distribution companies) was 2,690; the transmission rate capacity was 5,000 megawatts.
“Three and a half years later, that is today, we generate 7,000 megawatts, (up) from 4,000 megawatts, which means on the average, we will be adding 1,000 megawatts every year.”