Nigeria has the potential to become one of the world’s best power markets with increased investment and improvements in the electricity value chain, according to Vice President Yemi Osinbajo.

Speaking at the commissioning of the 240MW, AFAM 3 Fast Power Project in Port Harcourt, Rivers State, the Vice President stated that the industry needs to leverage the improved commercial environment created to sustainably supply electricity and improve service to all citizens.

Osinbajo, who represented President Muhammadu Buhari, said that the administration has made significant strides in this direction, citing new money coming into the power value chain and the National Council on Privatization’s approval of a 30-year concession on Zungeru Hydro Power Plant worth $70 million a year.

ALSO READ: Transcorp power plant operated and managed solely by Nigerians – Tony Elumelu

Additionally, since 2020, the Nigerian Electricity Regulatory Commission has executed all of its bi-annual review processes, and the introduction of the Service Based Tariff and the Payment Discipline initiative have led to a doubling of market collections in the Nigerian Electricity Supply Industry.

The VP disclosed that the Nigerian government has initiated the National Mass Metering program and brought five underperforming DISCOs into a restructuring program that has reduced shortfalls by N10billion per month.

Osinbajo added that with continued progress, the Nigerian Electricity Supply Industry will attain self-sufficiency by the end of 2023.