The British High Commissioner to Nigeria, Richard Montgomery, has stressed the critical role of the power sector in Nigeria’s prosperity.
He made this statement at a roundtable on the Electricity Act 2023 with the theme “Implications and Opportunities for State Electricity Markets” in Abuja on Wednesday.
Montgomery urged Nigeria to find ways to connect the dots between the power sector and inclusive growth.
He emphasized the need to explore new opportunities to expand electricity delivery to more Nigerians, particularly through increased renewable integration, both on and off the grid.
In his words, “This is the time to explore new opportunities to scale up electricity delivery to more Nigerians, which we have already recognized the importance of.”
He also said, “We need to give primacy to ways to promote expanded renewable integration, both on and off grid.”
Montgomery acknowledged Nigeria’s commitments to COP26 and the future of its power sector, and said that the forum would help Nigeria deliver on those commitments.
He also stressed the need to find ways to connect the dots between the power sector and inclusive growth, saying, “Nigeria’s prosperity depends on getting the power sector right.”
The envoy noted that the deficit in the power sector was affecting about 90 million Nigerians and the country’s economy, and advised Nigerians to work together with the new government to address the challenge.
He said, “We have a new government here. It’s embarked on important macroeconomic reforms. The exchange rate and the fuel subsidy are bringing short-term pain to the country and to the people of the country.”
“But these are positive changes in the medium to long term that will help Nigeria fulfill its potential for the future,” he added.
Speaking further, he said, “What we’re gathered here to do is to work on the credible reform process that’s needed to resolve both the regulatory and the policy changes that are necessary, and to work together to make sure these are addressed in an integrated manner.”
“The Electricity Act, passed in June of this year, is an important component of the current reforms,” he added.
