The Chairman, Board of Directors of Eko Electricity Distribution Company (EKEDC), Dr. Dere Otubu has emphasized the need for increased investment in the power sector to meet the growing energy demands of Nigeria. He made this known at the Nigeria-India Business Council’s (NIBC) India Trade Mission to Nigeria held in Abuja on Tuesday, January 23, 2024.
The Forum, themed “Expanding Trade and Investment Opportunities Between Nigeria and India” had in attendance, the Minister of Trade and Investment, Doris Uzoka-Anite, Minister of Marine and Blue Economy, Adegboyega Oyetola, President of the NIBC, Sir Emeka Offor among other eminent members of NIBC.
Otubu, who is the Vice President of the NIBC highlighted the pivotal role that sustained investments play in ensuring a robust and reliable power infrastructure. He underscored the importance of collaborative efforts between Nigeria and India in driving advancements in the energy sector and in other sectors.
He stated that although progress has been made in reforming Nigeria’s electricity industry, more capital investment is 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.
Dr. Otubu acknowledged the ongoing challenges faced by the power sector and stressed the urgency of adopting 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.”
Highlighting the market opportunities, he said only about 55 percent of Nigerians have access to electricity, indicating room for growth as more consumers get connected to the grid. He closed by appreciating the NIBC’s Trade Mission for their visit as it will foster a sustainable trade relationship between the two nations.
The Nigeria-India Business Council facilitates partnerships between businesses in the two countries. The business forum featured different investment opportunities across agriculture, manufacturing, oil & gas, and information technology sectors.