The Minister of Power, Adebayo Adelabu says the Bola Tinubu-led Federal Government is putting in place a number of initiatives to improve the power sector of the country and ultimately improve the economy.
He disclosed this at the Ministerial press briefing Series staged by the Ministry of Information and National Orientation on Friday in Abuja.
He said that the Federal Government has put in place a presidential power plan to ensure that power infrastructure were upgraded and improved across the sector.
”There is also the Presidential Meter Initiative (PMI) put in place to ensure that the meter gap is addressed.
”And we also have a lot of development banks that are working with us on several projects in transmission and distribution.
“So as a ministry, we are committed to making an impact during this administration,”he said.
Adelabu also revealed that government was also building up generation companies, adding that a lot was being done in the transmission segment of the industry which is unknown to many.
This administration has invested in gas-to-power infrastructure and implemented policies to attract private investment, he stated.
However, he bemoaned the fact that a significant portion of our population still lacks access to reliable electricity.
”Against this backdrop, the country began to explore more off-grid power sector solutions to address energy poverty and key into our Energy Transition Plan, he disclosed.
He didn’t end his remarks without stating what is being done to bridge the energy gap across the country, saying the Government has made Data Driven Decisions by collaborating with some experts to develop the Integrated Energy Planning Toolkit.
”This innovative tool provides real-time data to pinpoint ideal locations for renewable energy projects streamlining investment decisions.
”We have developed legal frameworks that have liberalised the entire electricity value chain, integrated renewable energy
”Established an Independent Systems Operator (ISO), guidelines for franchising, captive power and mini grid regulations.
” In addition, programmes being implemented by the Rural Electrification Agency have been successful in providing traditional and innovative financing opportunities for private sector driven interconnected and off grid project delivery,”he said.
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