Renewable energy will spur economy growth – Adebayo Adelabu

Adebayo Adelabu, the Minister of Power, stressed the significance of harnessing renewable energy sources, which include solar, hydro, and wind, to reduce carbon emissions and spur economic growth with increased job prospects.

He believes that this approach will not only mitigate carbon emissions but also stimulate economic growth and foster job opportunities.  

This was made known at the Nigeria Energy Exhibition and Conference in Lagos, as disclosed in a statement on Thursday.

The conference, which was organised by Informa Markets and stakeholders from both public and private sectors discussed issues around developing the power sector in the country. 

He said,  

He also pledged to boost the power generation companies’ storage capacity in Nigeria to a minimum of 20,000 megawatts within three years. He also committed to bridging the substantial 8 million units metering gap in the nation’s power sector. 

Adelabu emphasised the paramount importance of energy in driving economic growth and industrial development stating;

He further elaborated that a pivotal component integral to this transformative process was the implementation of competition and the active engagement of the private sector within the electricity market.

This significant development marked the dawning of a fresh era in Nigeria’s energy landscape, signifying a momentous shift towards a more dynamic and diverse energy sector that holds the potential to reshape the nation’s power generation and distribution landscape.