Thursday, November 30, 2023

Nigeria Has Always Had 5000 Megawatts – Femi Otedola

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Multi-billionaire and Executive Chairman, Board of Directors, Geregu Power Plc, Femi Otedola, has said the Nigeria has not recorded any improvement to its power sector.

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On Friday, Otedola disclosed this at the ‘Closing Gong Ceremony’ of the Nigerian Exchange Limited, NGX in Lagos.

According to the business tycoon, several generation plants built years ago by the government are still lying idle, stressing that it is unthinkable that Nigeria still struggles with 5,000 megawatts of generation capacity.

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He urged stakeholders, including the federal government, to improve the transmission sector to boost the Nation’s power supply.

The businessman explained that another problem with Nigeria’s power sector is leadership, saying having the right hands at the helm of affairs would end the decades-old challenges.

However, he is optimistic that the problems of Nigeria’s power sector are surmountable.

“Aliko Dangote, an individual, has built 2000 megawatts of power for cement, fertilizer plants and a refinery. And the country where I was born has only 5000 megawatts.

“So it’s appalling and disheartening that all the successive governments have failed in this regard, but I believe we are now at the stage where the power sector will get much attention and priority.

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“We have new plants still sitting idle that the government built years ago, and the real problem is transmission; there is a need to look in this direction,” he said.

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 Photo credit: Getty

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