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Minister Lists Factors Limiting Power Sector Growth In Nigeria

Published

2 years ago

August 14, 2024

Editor

The Minister of Power, Chief Adebayo Adelabu, Wednesday, pointed at the refusal of electricity consumers to pay their bills and energy theft as some of the factors limiting the growth of the power sector in the country.

The Minister who spoke in Abuja when he received members of the Civil-Military Cooperation (CIMICO), Civil Committee on Energy, also blamed the current challenges facing the sector on “past actions or inactions of past administrations”.

He however noted that steps taken by the President Bola Ahmed Tinubu’s administration in the past one year have placed the sector on the path of growth, stressing that transiting to a cost reflective tariff would lead to stable power supply.

According to him, “What we have seen in the power sector today is the reflection of the actions and inactions of past administrations. Over 60 years of our existence since independence, we have not done the right thing for the power sector.

“Which is why as a nation of 220 million people, we are still running around 5,000 megawatts of power. It is shameful. South Korea, 49 million people, has 130,000 megawatts of power.”

Chief Adelabu noted that “three things that I feel that frustrate the modest achievements that we have today are, one, refusal of electricity consumers to pay their bills. There is nobody that wants to do a business and is not paid for the business. They will close shop.

“We hit 5,155 megawatts of power on the 9th of August. The highest in three years. We met around 4,000MW, even less than 4,000MW when we resumed. This is just a year. That’s about 27% increase.

“It’s quite commendable. But the only way is that it must be sustainable. Yes, so to sustain it, consumers must be ready to pay.

“Number two, power theft should be discouraged. And civil societies need to be sensitized that when you see something, you say something.

READ ALSO: Women Protest Half-Naked Over Incessant Killings In Ondo Community
“A lot of welders work over night. They just hang their wires at 12 midnight when everbody is sleeping. A lot of people bypass meters. All these will not serve the sector.

“And lastly is vandalization. We need to desist from it. Transmission lines, transformers and other power infrastructures are being vandalised daily. The police and other security agencies are trying but it is the people themselves that can protect these facilities. Yes. So we need to keep sensitizing them so that our assets will be protected”.

Earlier, the Leader Civil Military Cooperation (CIMICO) Civil Committee on Energy, Mr. Adams Otakwu harped on the need to protect power sector infrastructures as one of the ways to ensure energy security for the country.

He pointed out that Nigeria’s economic growth was dependent on adequate power supply.

He therefore pledged the groups support for the Federal Government’s effort to end power sector infrastructure vandalism and energy theft.

Related Topics:Electricity electricity tariffs

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Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 minutes ago

May 6, 2026

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The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

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N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

2 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.

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Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

Published

19 hours ago

May 5, 2026

Editor

Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.