The Minister of Power, Bayo Adelabu, says reforms in the electricity sector have attracted more than two billion dollars in fresh investments.
He made the disclosure on Thursday in Abuja during the commissioning of the headquarters of the Nigeria Electricity Liability Management Company, noting that the sector’s revenue rose by 70 percent in 2024, while government liabilities dropped by about 700 billion naira.
The minister said generation capacity increased from 13 to 14 gigawatts, with a peak output of 5,801.44 megawatts, attributing the gains to reforms under President Bola Tinubu’s administration, including the implementation of the Electricity Act 2023 and the creation of 16 state electricity markets.
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He added that the government is addressing the metering gap through a 700 billion naira presidential initiative and a 500 million dollar World Bank facility, while also improving grid stability and reducing sector liabilities, with NELMCO cutting inherited debts from 2.3 trillion naira to 146.76 billion naira.
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