By Folashade. Alli
The Federal Government has been urged to hasten the Power Reform Agenda to curb the issue of unemployment in the nation.
Chairman of the Presidential Task force on Power, Chief Reynolds Dagogo-Jack made the statement in Abuja at the 43rd Annual Accountants Conference held recently.
Dagogo said that the Federal Government expects to reduce unemployment at the successful completion of the Power Reform Agenda.
According to him, a functional power sector was strategic in meeting the challenges of the country’s increasing population.
Adding that international investors were also expected to take advantage of the nation’s huge market potential and invest in the power sector.
Meanwhile, Dagogo advised for the presence of foreign investors which his expected to result in reduction in the country’s electricity deficit.
He said the current supply penetration was less than 40 per cent and below 25 per cent for urban and rural areas respectively.
He said that current installed and available generation capacity was under 10,000MW, including the National Integrated Power Projects (NIPPs) while NIPPs is currently at pre-reform level of under 50 per cent efficiency.
He said that Nigeria had diverse energy mix, including alternative fuel sources, such as natural gas, coal, small and large hydro, solar and wind.
Dagogo also said that successfully management of the nation’s energy sector would have huge multiplier effects on the economy.
In his words, ” Nigeria has the best potential in Africa for translating electricity expansion into diversified economic base for sustained GDP growth”, He said.