Nigeria has failed for decades to adequately supply electricity to its estimated population of 200 million people.
However, while delivering his Independence Day address on Tuesday, October 1, 2019, President Buhari said his government is committed towards reforming the power sector.
He said his government’s investments in infrastructural projects, such as the Presidential Power Initiative to modernise the national grid, will impact the sector and benefit Nigerians greatly.
He said, “I am pleased with the improved inter-agency collaboration between the Ministry of Power and the regulators in the banking and power sectors to ensure that electricity sales, billings and collections are automated and become cashless.
“These initiatives are important to ensure that the technical and collection losses in the sector are substantially reduced. I remain confident that Nigerians will have affordable and uninterrupted electricity supply in the not too distant future.
“Our efforts to improve the power sector will complement other infrastructure investments projects under the Presidential Infrastructure Development Fund, which is investing in the Mambilla Power Plant project, as well as key economic road infrastructure such as the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kano Expressway.
“The first set of these projects remain on track to be completed by 2022.”
While the Buhari-led government has identified improving power supply as a key to improving economic growth, growth in the power industry has been sluggish with many parts of the country still deprived.
In Tuesday’s speech, the president highlighted his government’s efforts in improving security, accelerating sustainable and inclusive economic growth, and fighting corruption and restoring good governance.