The annual spending by Nigerians on self-generated electricity, particularly fuelling and servicing of generators has hit N16.5 trillion.
Minister of Power, Adebayo Adelabu, who declared this to delegates in a speech at the the on-going Nigeria Oil & Gas (NOG) ‘Energy Week conference’ in Abuja, declared that this figure was a result of a research carried out for the year 2023.
Although Adelabu did not give further details on the research, he maintained that the money covered spending on fuelling and service of generators.
He advocated up-scaled investments in grid and renewable electricity sources, insisting that what Band-A customers pay is still cheaper compared to spending on self-generation.
Commending Tinubu for his support for the ministry of power, Adelabu said that the President has not looked back in his commitment to getting Nigeria to be Energy self-sufficient.
“We need to invest in renewable electricity in Nigeria. We have the abundance of sunlight; we have the wind in abundance in Nigeria, and with improved and uninterrupted supply to our Band-A customers, improved investments in grid and these renewable sources will help tremendously in our journey to power self-sufficiency”, he stated.
“What Nigerians spend on self-geberation of power – on fuelling and servicing their generators- is N16.5 trillion according to a research that was carried out in 2023. Looking at this you will see that what Band-A customers pay is still cheaper compared to this, despite having 24 hours uninterrupted supply”, he said.
On gas, Adelabu said that Nigeria already needed “five times the investments we have in gas-for-power”, maintaining that the country needed to take full advantage of funding and support from the global pool of investments on renewable space.
“Over $1billion investments have been placed into renewable energy sources by foreign lenders and institutions,” he declared, adding that his ministry under the guide and support of President Tinubu, is progressing in this regard
