The Chairman of the Board of Directors of the Eko Electricity Distribution Company (EKEDC), Dr Dere Otubu, has called for increased investment in the Nigerian power sector to meet the country’s growing energy demands.
Otubu made this call at a forum of the Nigerian-India Business Council’s trade mission to Nigeria held in Abuja recently.
The forum with the theme ‘Expanding Trade and Investment Opportunities between Nigeria and India’, had in attendance, the Minister of Trade and Investment, Doris Uzoka-Anite; the Minister of Marine and Blue Economy, Adegboyega Oyetola; the President of the NIBC, Sir Emeka Offor, among others.
Otubu, who is also the Vice President of the NIBC, highlighted the role sustained investments play in ensuring reliable power infrastructure while stressing the importance of collaborative efforts between Nigeria and India in driving advancements in the energy sector and other sectors.
He stated that although progress had been made in reforming the country’s electricity industry, more capital investment was required to expand generation, transmission, and distribution capacities.
“Nigeria has enormous potential in the power sector that can be unlocked with sufficient capital injection from investors seeking long-term returns,” Otubu noted.
The EKEDC board chairman acknowledged the ongoing challenges being faced by the power sector, noting the urgency needed to adopt innovative solutions.
He stated, “The power sector is the backbone of any thriving economy, and as we witness the dynamic growth in Nigeria, it is imperative to inject more resources into power to bring about the desired growth. This will not only address the current energy deficit but also lay the foundation for sustainable economic development.”
