The federal government has pledged to achieve a target of 350 gigawatts (GW) of electricity-generating capacity by the year 2043.
It also described the power sector as the most important among all the assets listed in the National Integrated Infrastructure Master Plan (NIIMP).
The Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, made this declaration in his office in Abuja when the top management staff of the Nigerian Electricity Management Service Agency (NEMSA) visited him.
The minister, however, noted that it would only be possible if all hands were on deck toward realizing those targets.
Bagudu said: 'The present administration of President Bola Ahmed Tinubu, has prioritised the power sector as the topmost priority of all the National Integrated Infrastructure Master Plan (NIIMP) assets classes.'
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He said that the government has embarked on several reforms to turn around the power sector the latest of which is the new electricity bill, stating that ''the electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the law relating to the Nigerian Electricity Supply Industry (NESI).'
The minister added that the Nigeria Electricity Act 2023 also 'prioritized the implementation of tariffs that accurately reflected the cost and service provided as well as promoted competition in the electricity sector through the use of contracts and rules.''
He emphasised that the primary goal of the law was to improve the performance and productivity of the Nigerian electricity sector.
He added that NEMSA played a pivotal role in the Nigerian Electricity Supply Industry (NESI), tasked with enforcing technical standards and regulations.
This, according to him, encompassed technical inspections, testing, and certification of all types of electrical installations nationwide to guarantee stable, secure, and dependable electricity networks.
Bagudu urged NEMSA to 'strive to ensure zero incidences of electrical accidents, energy accountability, eliminate substandard electrical equipment and material and rid the system of quack electrical installation personnel contractors.
Speaking further, Bagudu explained that the agency had embarked on some of the activities which included: an inspection of over 15,931 electricity projects across the country, out of which 10,692 had been certified fit for use by NEMSA, monitoring of 12,114 existing networks and power systems nationwide; Inspection of 3,255 electrical installations at factories across the country, among others.
The MD/CEO of NEMSA and Chief Electrical Inspector of the Federation, Aliyu Tukur Tahir said the agency's priority 'is to have a steady light electricity network that was stable, safe, and reliable as well as strive to ensure zero incidences in the electricity networks, energy accountability, and eliminate substantial electrical material and equipment across our network in the country.'