News
Nigeria Targets 20-Hour Daily Power Supply by 2027 with Investment Reforms
Nigeria’s ambitious target of providing at least 20 hours of electricity daily by 2027 hinges on a significant boost in investments, especially in the oil and gas sectors.
Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, recently underscored this at the Africa Energy Week in Cape Town, South Africa.
In a statement released by Abiodun Oladunjoye, the State House Director of Information and Publicity, Verheijen detailed the federal government’s plans to revitalize Nigeria’s power sector and improve electricity access for Nigerians.
Currently, Nigeria’s power grid is plagued by challenges, with its most recent collapse marking the 10th outage since the start of 2024.
The government has attributed these frequent failures to outdated infrastructure, a lack of regular maintenance, and chronic underinvestment.
Despite Nigeria’s impressive installed capacity of about 12,500 megawatts, only a fraction of this power is regularly generated, leaving vast areas of the country without stable electricity.
Verheijen noted that Nigeria is pushing to provide consistent power to urban and industrial areas as a cornerstone of economic development.
The government has a range of initiatives aimed at addressing these challenges.
For example, revenue collection reforms are underway to increase accountability, along with the deployment of seven million smart meters to minimize energy losses.
Additionally, there are plans to expand off-grid solutions to ensure remote communities have access to electricity, which will help bridge the gap in underserved regions.
Verheijen emphasized that recent macroeconomic reforms, including the removal of the petrol subsidy and foreign exchange liberalization, signal Nigeria’s readiness for a new era of growth.
She urged foreign investors to see these changes as an open invitation to partner with Nigeria, mentioning that the Tinubu administration is actively pursuing policies to attract investment.
As part of the broader Presidential Gas for Growth Initiative, the government is focusing on midstream and downstream investments, including in compressed natural gas (CNG), liquefied petroleum gas (LPG), and electric vehicles.
The administration aims to reduce dependency on petrol and diesel, particularly in transport, decentralized power generation, and cooking, while fostering demand for cleaner alternatives like electric vehicles.
While discussing Nigeria’s oil and gas potential, Verheijen compared the country’s performance to that of Brazil, which has managed to produce 131 percent more oil than Nigeria, despite having only 30 percent of its oil reserves.
This gap, she argued, is largely due to underinvestment.
She lamented the fact that since 2016, Nigeria has attracted only 4 percent of Africa’s oil and gas investments, whereas other, less resource-rich African nations have managed to capture a larger share of investor interest.
To reverse this trend, the Tinubu administration is implementing reforms aimed at making Nigeria’s oil and gas sector more competitive.
For the first time since the beginning of deepwater exploration in 1991, Nigeria is introducing a specific fiscal framework for deepwater gas projects, as well as incentives to stimulate investment in non-associated gas production.
Verheijen noted that these new policies are designed to increase investor confidence and unlock Nigeria’s potential, enabling international oil companies to bring more capital to Nigeria’s shores.
It was reported that former Nigerian president Goodluck Jonathan has allegedly purchased a presidential candidate form for the 2027 elections.
It can be noted that Jonathan served as Nigeria’s president from 2010 to 2015.
This information was revealed by Sani Useni, a special assistant who made the claim. Many reacted to the news, with some expressing interest in seeing Jonathan return to power after staying relatively quiet politically since his administration ended.
However, Jonathan has not yet addressed the public or officially shared any presidential ambition.
The Christian Association of Nigeria (CAN) has reacted to the recent abduction incident in Oyo State.
It can be recalled that schools were attacked by armed men, with some teachers and students reportedly taken. Some people were also killed during the attack.
CAN cried out on behalf of the public, stating “It is intolerable, disgraceful and utterly unacceptable that Nigerian children can no longer sit safely in classrooms without the fear of being kidnapped by armed gangs.”
The organisation also stated that Nigerians are tired of constantly mourning and questioning when something will finally be done to stop the violence.
The Governor of Oyo State, Seyi Makinde, has revealed that seven teachers were abducted following a recent attack on a school in the state.
It was also shared that the number of students taken is still being investigated.
The governor further revealed that some people were killed during the attack and abduction.
He also added “With the pressure on the terrorists and the bandits in the North-West, they will keep moving southward.”
“When you have pressure in one place, we must be prepared on this side to either repel or neutralise any terrorists fleeing the pressure points.”
Victor Osimhen Speaks on His Childhood and Family Struggles
Dolapo Lawal Says Many Nigerians Abroad Are Surviving, Not Thriving
