Nebo made the remark at a two-day workshop organised by the Nigerian Electricity Regulatory Commission (NERC) to sensitise the PHCN successor companies and other stakeholders on the draft interim rules and other regulatory issues.
Nebo said that a healthy and financially sustainable electricity sector was the life support system needed for the economic growth of any nation.
He noted that economic activities such as investment, job creation and increase in income across the socioeconomic levels would thrive only when there was adequate and stable electricity.
He added that “consumers and producers are the ones who suffer when the power industry is unable to meet the power demand because of factors like inefficiency, high losses and poor performance.
“Government is more concerned about the effects of the sector on consumers and how the sector can help them to create jobs, improve their children’s education and grow the economy.’’
Nebo said there was a clear link between Gross Domestic Product and electricity consumption, adding that the participation of stakeholders in the industry would greatly transform the sector.
The minister noted that two decades ago, the expansion of the nation’s grid capacity was stalled due to factors such as high diesel cost and petrol, which were used for power generation.
He, however, expressed confidence that stakeholders would bring the desired result needed to improve the sector.
Nebo gave the assurance that the challenges in the industry would soon be a thing of the past.
Earlier, the Chairman of NERC, Dr Sam Amadi, had said that the workshop was to brainstorm on draft interim rules for the new management of the electricity industry.
Mr Roberk Yates, who spoke on behalf of the Distribution Companies (DISCOs), said that the framework was good in principle, but that investors would need financial assistance to surmount the financial challenges.