The federal government has begun conversations with the United States of America to increase access to reliable and cheap power in the country.
Bolaji Tunji, the Special Adviser to the Minister of Power for Strategic Communication and Media Relations, made the announcement in a statement on Tuesday.
According to the statement, the US Ambassador to Nigeria, Mr Richard Mills, recently met with Nigeria’s Minister of Power, Adebayo Adelabu, in Abuja to discuss partnership.
Mills reaffirmed US support for Nigeria’s commitment to improving its electrical infrastructure.
Mills stated, “You have the support of the US government,” highlighting both countries’ common commitment to improving access to reliable and cheap electricity.
The negotiations are part of ongoing efforts that involve collaborations with American corporations, such as Sun Africa LLC, which is in talks with the Nigerian government about providing electrical infrastructure to the country.
In addition to the bilateral talks, Mills invited Adelabu to the forthcoming Energy Summit in Washington, D.C., on September 11-12, 2024.
According to Mills, the summit will focus on the electrical sector and will include working groups engaged in a strategic energy conversation.
Adelabu, who spoke earlier during the gathering, emphasised the ministry’s commitment to contributing value to local enterprises by providing them with necessary power to expand their operations.
He highlighted Nigeria’s challenges, despite its significant population and market potential, stating, “Nigeria still imports about 80% of what it consumes, and this has left the country with a lot of burden because the country has limited sources of foreign exchange to fund the import dependence.”
He also outlined the ministry’s prioritisation of its programs into five key areas: legislative support to decentralise the power sector, policy support for designing a National Integrated Electricity Policy and Strategic Implementation Plan, the establishment of an appropriate tariff structure to migrate the market and upgrade infrastructure, infrastructure provision through partnerships with foreign investors, and an energy transition plan aimed at achieving net-zero
Regarding the current Sun Africa Power Project, the minister told the visiting group that great work is being made towards obtaining the necessary approvals for seamless operational execution.