Chairman, Board of Directors of Eko Electricity Distribution Company (EKEDC), Dr. Dere Otubu, has emphasised the need for increased investment in the power sector to meet the growing energy demand of Nigeria.
Otubu made the call in Abuja at the Nigeria-India Business Council’s (NIBC) organised by the India Trade Mission to Nigeria.The theme of the forum was: “Expanding Trade and Investment Opportunities Between Nigeria and India.”The Eko Disco Chairman, who doubles as 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 had been made in reforming Nigeria’s electricity industry, more capital investment was 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.
He acknowledged the ongoing challenges faced by the power sector and stressed the urgency of adopting innovative solutions.“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,” Otubu stated.Highlighting the market opportunities, he said only about 55 per cent of Nigerians have access to electricity, pointing out that that indicated a 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. Other dignitaries at the event included the Minister of Trade and Investment, Doris Uzoka-Anite; Minister of Marine and Blue Economy, Adegboyega Oyetola; and President of the NIBC, Sir Emeka Offor, among other eminent members of NIBC.
The Nigeria-India Business Council facilitates partnerships between businesses in the two countries. The business forum featured different investment opportunities across agriculture, manufacturing, oil and gas, and information technology sectors.
Source: Thisday
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