Nigeria Energy Ministry seeking new policy framework to attract investment
The Power Sector of the Nigerian Energy Ministry, which is the policy making arm of the federal government with the responsibility for the provision of power in the country, is seeking new policy frameworks to boost investment into Nigeria’s energy sector.
Its mission is to provide the country with adequate and reliable power supply by implementing generation, transmission and distribution projects in the sector and facilitate the emergence of a private sector led competitive and efficient electric power industry.
Ms. Emontonghan Osaisai, Director: Investment Sector Development, Nigeria’s Federal Ministry of Power, Works and Housing told Future Energy Nigeria ahead of the upcoming Future Energy Nigeria conference, that Nigeria’s government has implemented policy initiatives aimed at improving service quality in the power sector.
“The Eligible Customer and the Meter Asset Provider are policy initiatives of the federal government of Nigeria. To successfully implement these policies, there is the need to put in place a robust awareness campaign and enforcement strategies, which will attract prospective investors,” she said.
She added that it was the ministry’s goal to generate, distribute and transmit electricity throughout Nigeria and attract the right investment to close the gap in the energy sector, as well as to “…activate the right incentives in making investors comfortable with a robust return on investment.”
Highlighting challenges in the energy sector, Osaisai cited lack of adequate infrastructure in the downstream power value chain and a lack of adequate gas distribution infrastructure.
“Lack of a robust energy mix to cover the entire country, especially the underserved communities, [is also a challenge],” she said.
Touching on business opportunities in Nigeria’s energy future, she said that investors indicated interest in investing in the Nigerian power sector in various areas.
“[These include] areas of gas, coal to power, transmission and distribution network and renewable energy through several investment promotions carried out in both local and foreign trade and investment fairs,” she said.
Looking forward, she stated the ministry’s vision for the energy sector in the region was to create awareness about the Eligible Customer and Meter Asset Provider policies, with a view to obtaining the buy-in of the public, and attract prospective investors.