The Central government in a bid to support power age, and public network solidness, is wanting to put $20bn interest in new power plants and transmission lines, The PUNCH have learnt.

This was uncovered by the Power Pastor, Adebayo Adelabu at the initial service of the continuous Nigeria Energy Culmination in Lagos on Tuesday.

While conveying his location at the highest point; Adelabu said FG would develop the power area in 2023 and past through tremendous ventures.

“The Nigerian government is actively advancing the power sector through various measures. With a $20 billion investment plan, new power plants and transmission lines are set to be established to boost power generation and grid stability,” he said.

According to him; FG was also ramping up preparations to attain at least 20,000 megawatts of electricity generation in the next three years. He noted that energy is the lifeblood of any economy, and no meaningful industrial growth can be achieved without power.

“That is why my tenure would focus on growing power generation to 20, 000 megawatts in the next three years. But the target would be impossible without investments from all investors across the sector’s value chain. From the utilities to transmission and generation companies; everyone must be ready to invest to achieve the target,” he added.

According to the Minister, the mid and long-term power generation targets is 30,000MW by 2030, and 60,000MW by 2060 is achievable.  He said enough investments must be made to not only generate power, but also on how to transmit same to end users.

He explained the huge metering gap must be closed in order to ensure that power generated would be transmitted to electricity consumers who would in turn pay for the services.

“It is enough just to generate power, but the most important thing is also to be able to get at most 90 per cent of the power to consumers that would pay for it”, he explained.

According to the minister, the Power Ministry has been able to identify 8 million metering gap, advising investors to prepare for long term investments in the sector.

“The Nigerian electricity market is huge. So, investors must be ready for mid and long term investments before expecting to make profits. The industry needs liquidity and this can be attained through equity and debt capital,” he said.

While delivering the opening address, Exhibition Director, Nigeria Energy organized by Informa Markets, Ade Yusuf, said restructuring the electricity market by introducing competition and private sector involvement was underway.

He additionally unveiled that accentuation would likewise be on sustainable power like sun oriented and wind power meant to expand the energy blend and lessen dependence on petroleum products to accomplish the objectives of the Nigerian Energy Change Plan.

Yusuf added that addressing energy robbery was one more need to upgrade the area’s monetary capacity.