The Minister of Power, Adebayo Adelabu, says Nigeria's power generation capacity will hit to at least 20,000 megawatts (MW) from about 12,522 MW, within the next three years.
The government will also implement the 2023 Electricity Act, and prioritize universal metering to close over eight million metering gaps.
Adelabu disclosed this in his opening address on Day 1 at Nigeria Energy 2023, held in Lagos on Tuesday, where he also said, as a politician and Minister, he has a limited amount of time to spend in the power Ministry adding that he was committed to making a lasting impact in the sector before leaving.
He said: "In an attempt to set targets for the power sector, we also need to set short-term targets and ensure that between now and the next three years, we can diagnose the issues to a large extent and make a significant impact.
"I found out that the solutions in the power sector are not as difficult as we all believe. I will hasten the pace of fact-gathering and leverage the views and experience of stakeholders to understand the sector and build workable solutions that will transform the power sector in Nigeria.
"You will agree with me that energy is the lifeblood of any modern economy, and Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without power.
"Sustainable Energy is fundamental to fueling our industries, powers our homes, drives economic growth and it is the cornerstone upon which the progress and prosperity of nations are built.
"Nigeria with its abundant natural resources, growing population, and expanding economy, stands on a pivotal stage in its energy journey because the demand for accessible, reliable, and sustainable energy has never been greater than we have now.
He promised to balance energy developments that drive socio-economic transformation, adding that the Power Ministry is focused on ensuring that energy development meets the needs of the present without compromising the ability of future generations to meet their own needs.
He said: "We are committed to identifying the challenges and seeing the inert opportunities in the energy sector in Nigeria. We seek collaborations to implement concrete action plans that will lead us toward a brighter and more sustainable energy future.
"I am confident that the narrative in the power sector, which is confronted with several challenges, will change shortly.
"Nigeria's power sector was privatised a decade ago to establish the competitive markets intended to improve management and efficiency, attract private investments, increase generation, and provide a reliable and cost-efficient power supply to Nigeria. Although some progress has been made across the power sector value chain, there is still a huge gap, especially in the delivery of adequate and stable power supply to consumers nationwide.
"The truth of the matter is all these programs that we say we are best at, they remain, an effort is an energy that is reliable and affordable, but cannot reach the end consumers and households, small businesses, institutions, and industries.
He reiterated the need for Nigeria to invest in technology to address the over 8-million-metering gap and ensure accurate billing for electricity consumption.
He said, " We need to come up with technology to ensure that power connections are monitored, and DisCos are able to improve their collection to 90 percent of distributed power monthly.
"We need to ramp up our investments in collection technology to close the metering gap as much as possible.
All households, companies, government institutions, and industries in Nigeria must be properly metered so that everybody accounts for the power they consume and then pays for the utilization," the Power Minister said.
Adelabu has noted that the recently passed Nigerian Electricity Act, 2023, will play a fundamental role in transforming the power sector by unlocking the potential of the energy mix and promoting the integration of renewable energy technologies into the existing grid system.
According to him, the new act aims to create an environment that supports sustainable growth and investment in the power industry by focusing on accelerated private investment and the promotion of renewable energy sources.
He said: "These challenges also lie in incredible opportunities such as annexing power from renewable energy sources for example, solar, hydro, wind, etc. which will not only reduce our carbon footprints in terms of the nation but also create jobs and stimulate economic growth.
"As a game changer that reformed the NESI, the Electricity Act will undoubtedly engender increased access to electricity and regulatory oversight, clean energy transition, improved service delivery, and infrastructural developments.
"In particular, the act will stimulate economic growth by creating a conducive environment for investment and competition. It will generate job opportunities, encourage entrepreneurship, and attract foreign direct investments," Adelabu said.