President Bola Tinubu has labelled Nigeria’s current power generation capacity of approximately 4.5 gigawatts as “shameful.”
During the inauguration of the Presidential Economic Coordination Council (PECC) on Thursday, July 4, Tinubu expressed his dissatisfaction, as detailed in a statement by presidential spokesperson Ajuri Ngelale. In Nigeria, power generation is typically measured in megawatts, making 4.5 gigawatts equivalent to 4,500 megawatts.
President Tinubu called for collaboration among council members to enhance Nigeria’s on-grid electricity capacity. He emphasized the need for innovative solutions to the nation’s economic challenges and stressed the importance of public-private partnerships in driving economic reforms.
He said: ”We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country.
“We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity.
”We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness.”
Additionally, Tinubu outlined measures under the economic stabilization program aimed at stabilizing the economy, enhancing job creation, and fostering economic security.
Regarding energy security, the president announced initiatives targeting the power, oil, and gas sectors. The goal is to boost on-grid electricity from the current 4.5 gigawatts to 6 gigawatts within six months. Furthermore, the program aims to increase oil production to 2 million barrels per day within the next 12 months.
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