19 October 2016, Sweetcrude, Abuja – The International Finance Corporation, IFC, a member of the World Bank Group, has said the power sector in Nigeria is in a state of emergency and would require drastic, sectoral-oriented solutions to development.
It added that the challenge with the Nigeria’s power sector is not limited to financial liquidity, but other sectoral issues.
Speaking during the 5th Annual Powering Africa Nigeria Conference in Abuja, the IFC Country Manager in Nigeria, Ms. Essien Lore, said the World Bank group is ready to support well designed power projects in the country, we have earmarked USD2 billion to support the development of power in the country.
She noted that “In spite of the achievements recorded so far in Nigeria’s power sector over the years, there are still some sectoral issues that needed the attention of all stakeholders in the sector.
“The power sector is in a state of emergency, taking it out of this state, required a sense of urgency, coalition of public and private partners with clear defined actions.”
She noted that the sectoral deficits include, inadequate gas supply, sectoral governance, transmission bottlenecks and inadequate generation as major challenges bedeviling the sector.
Lore also noted that “as a member of World Bank group, from our perspective, the only thing that is preventing us from supporting more projects is the sector issues. However, we believe that the challenges in the sector would soon be defeated”
“We are on the right part and we are envisaging that the power issues we face today will be a thing of the past and the sector issues need to be addressed.”
The conference, organised by EnergyNet, a United Kingdom-based company, is designed to forge partnership with investors on sustaining energy in Africa and Nigeria. It is also designed to evolve workable measures of ensuring energy access and energy efficiency in Nigeria’s power sector.