Adelabu, Ekpo to discuss electricity challenges at Lagos summit

The Minister of Power, Adebayo Adelabu, and the Minister of States for Petroleum Resources (Gas), Ekperikpe Ekpo, will lead other speakers to discuss the challenges facing electricity in Nigeria at the 2024 Nigeria Energy Leadership Summit.

The summit, scheduled to be held between October 15 and 17 in Lagos, will also feature the Managing Director/Chief Executive Officer of the Rural Electrification Agency, Abba Aliyu.

Themed ‘Breaking Barriers in the New Energy Era: Clean, Reliable and Sustainable’, participants at the conference would examine the dynamic transformation being undergone by Nigeria’s electricity sector.

The organisers of the summit noted in a statement that they hope to implement key reforms such as the Electricity Act 2023, with a focus on renewables and updated tariff structures.

According to them, these reforms are aimed at improving efficiency, attracting investment, and paving the way for a sustainable future. However, they acknowledged that significant hurdles remain.

Operational issues like gas shortages, energy theft, non-payment of bills, and inadequate maintenance continue to hamper power stability across West Africa, they added.

“These interconnected challenges demand a comprehensive approach. Bilateral and multilateral financing will play a crucial role in unlocking needed investments and propelling power projects forward.

“This year’s Nigeria Energy Leadership Summit takes on a bolder and more comprehensive perspective. While acknowledging the challenges hindering regional power stability, the summit delves into the most pressing topics in West Africa’s energy landscape, including power trade, digital transformation, supply chain advancements, balancing profitability and sustainability and the ESG imperative.

“A dedicated day focused on gas-to-power solutions highlights the importance of energy security and project development. The upcoming Nigeria Energy Leadership Summit serves as a vital platform to explore a multitude of potential partnerships and investment opportunities across the entire energy value chain,” the release partly read.