Geregu Power boss outlines plan for energy sufficiency
By Rukayat Moisemhe
The Chief Executive Officer (CEO), Geregu Power Plc, Mr Akin Akinfemiwa, has unveiled a roadmap broken into short, medium and long term action plans to achieve power sufficiency in Nigeria.
Akinfemiwa said this at the Nigerian British Chamber of Commerce (NBCC) March 2025 Members Evening/ Induction ceremony on Thursday in Lagos.
The ceremony was held in honour of Mr Uyi Akpata, the immediate past Country Senior Partner, PricewaterhouseCoopers (PwC) Nigeria, and Regional Senior Partner for PwC West Africa on his retirement.
Akinfemiwa noted that to address the country’s economic challenges, the Federal Government had recently set an ambitious target to achieve a trillion-dollar economy by 2030.
He noted that improving reliable power supply would be the single most important driver to achieve this objective.
This, he said, was because there was a 3.94 per cent improvement in the economy for every 1 per cent increase in power supply.
“With stable, affordable, and reliable power, Nigeria can unlock massive economic opportunities, drive industrialisation, create jobs, and position itself as Africa’s economic powerhouse.
“Alignment with a clear roadmap and the collective efforts from government, private sector, and global partners, we will achieve sustainable power for the country,” he said.
Akinfemiwa stated that in the short-term (zero to three years), Nigeria must upgrade and maintain aging transmission and distribution networks, invest in real-time grid monitoring and improve metering.
He said cost-reflective tariffs must be implemented, regulatory oversight should be strengthened, while settlement of debts owed to GenCos and gas suppliers must be fast-paced.
The expert stated that in the medium-term between three and seven years, the country must develop new gas-fired power plants and promote private sector investments in gas infrastructure.
He added that Nigeria should address pipeline vandalism and gas flaring issues to ensure stable supply, construct new high-capacity transmission lines and establish independent transmission service operators.
Akinfemiwa also called for the decentralisation of electricity distribution to encourage local investments in microgrids, deploy smart meters and strengthen Public-Private Partnerships through incentives.
“For the long-term which is seven years and above, the country should diversify energy sources, enhance energy efficiency policies and deepen regional power trade and interconnectivity.
“There must be nationwide implementation of smart grids to reduce outages and optimise load balancing, expanded energy storage solutions and the enforcement of stricter environmental regulations for thermal power plants,” he said.
In his remarks, Mr Ray Atelly, President, NBCC, noted that the chamber had consistently been a beacon of excellence, driven by a shared vision and a commitment to fostering growth, collaboration, and innovation.
Atelly said every of its membership played an essential role in shaping the chamber’s path.
He welcomed the new inductees and acknowledged their potential to enrich the chamber’s collective endeavour.
Atelly said their unique perspectives and skills would contribute significantly to the NBCC’s ongoing mission and drive the chamber toward new horizons.
“Similarly, we would like to take this opportunity to recognise our esteemed friend of the chamber and a valued council member, Mr Uyi Akpata, for his distinguished career at the prestigious PwC.
“His years of dedication and excellence in the corporate world have been both remarkable and inspiring,” he said.
The News Agency of Nigeria (NAN) reports that 17 organisations including Zenith Bank and Aradel Holdings Plc were inducted into the NBCC. (NAN)
Edited by Chinyere Joel-Nwokeoma
Published By
- Agriculture and Environment Desk Controller/Website Content Manager.
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