President Bola Tinubu has described Nigeria’s current power generation capacity of approximately 4.5 gigawatts as disgraceful.
In a statement from Ajuri Ngelale, the presidential spokesperson, it was revealed that Tinubu made these remarks during the inauguration of the Presidential Economic Coordination Council (PECC) on Thursday. To put it in context, 4.5 gigawatts equates to 4,500 megawatts, the unit in which Nigeria’s power generation is typically measured.
During the event, the president emphasized the need for collaboration among council members to boost the country’s on-grid electricity capacity. “We face a significant challenge with energy security in Nigeria,” Tinubu stated. “We need to collectively improve our oil and gas sector and increase electricity generation and distribution across the nation. It is shameful that, as a nation, we are still generating only 4.5GW of electricity.”
President Tinubu called for efforts to ramp up oil production to two million barrels per day in the coming months and pledged to eliminate barriers to investment in the energy sector to enhance competitiveness.
He also stressed the importance of innovative solutions to address the country’s economic challenges and highlighted the critical role of public-private partnerships in driving economic reforms.
Additionally, Tinubu announced measures under an economic stabilization program designed to stabilize the economy, boost job creation, and enhance economic security. He outlined goals to increase on-grid electricity from 4.5 gigawatts to 6 gigawatts within six months and to raise oil production to two million barrels per day within the next year.
On Thursday, Tinubu unveiled a N2 trillion economic stabilization plan aimed at reviving Nigeria’s struggling economy.
