Home News FG will open power market to new investors, says Osinbajo

FG will open power market to new investors, says Osinbajo

The Federal Government is working on a policy that will open up the nation’s electricity market to new investors in distribution infrastructure, says the Vice President, Prof. Yemi Osinbajo.

Osinbajo said on Thursday that solving the power supply problem has been a top priority of the Federal Government in recent years.

while speaking at the inauguration of a 2x60MVA, 132/33kV station built by Niger Delta Power Holding Company Limited at Abeokuta, Ogun State, on Thursday, Osinbajo lamented on the inability of the distribution companies to distribute available grid power to consumers.

He explained: “Today we have 13,427MW of installed capacity, and an available capacity of 8,342MW. The national grid has the capacity to transmit about 7,000M, a rise from less than about 5,000MW in 2015.

Total power generation in the country stood at 3,586.5MW as of 6am on Thursday, data obtained from the Nigeria Electricity System Operator showed.

It was reported that the Federal Government was considering the repossession of 10 electricity distribution firms as one of the means to rescue the nation’s electricity industry.

It was also reported that the Federal Government would require up to $2.4bn (N736bn) to repossess the privatised distribution assets from the private investors.