EKEDC Board chairman advocates more investment in power sector

The 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 demands of Nigeria.

Otubu made this known in a statement on Thursday in Lagos after the just concluded Nigeria-India Business Council’s (NIBC) India Trade Mission to Nigeria held in Abuja.

He said that the forum, with the them, “Expanding Trade and Investment Opportunities Between Nigeria and India,” 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 was made in reforming Nigeria’s electricity industry, but 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.

Otubu acknowledged the ongoing challenges faced by the power sector and stressed the urgency of adopting innovative solutions.

He said, “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,” he added

Highlighting the market opportunities, he said only about 55 percent of Nigerians have access to electricity, indicating room for growth as more consumers get connected to the grid.

He appreciated the NIBC’s Trade Mission for it visit, saying such foster a sustainable trade relationship between the two nations.

Otubu said that NIBC had in attendance, the Minister of Trade and Investment, Doris Uzoka-Anite; Minister of Marine and Blue Economy, Adegboyega Oyetola; President of the NIBC, Sir Emeka Offor, among other eminent members.

The Nigeria-India Business Council facilitates partnerships between businesses in the two countries.

The business forum featured different investment opportunities across agriculture, manufacturing, oil & gas, and information technology sectors.