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Nigerians require 180,000mw of electricity’ – United Capital Exec

The Deputy Group Chief Executive Officer, United Capital, Bunmi Akinremi, while speaking at The Guardian Power Summit in Lagos has said Nigeria will require 180,000 megawatts (mw) of electricity to meet the needs of household and businesses, which is a far distance from the government’s target of 10,000mw by 2020, The Guardian reports.

He said about 55 per cent of Nigerians have no access to electricity from the grid, while those connected to the grid face extensive power interruptions. Akinremi argued that despite a series of amendments, cash flows from MYTO have proven insufficient to service the entire value chain. He noted that for tariff to be cost reflective in Nigeria, it needs to be 87.0 per cent higher.

Akinremi stressed the need for the national grid to be decentralised as a matter of urgency, to achieve quick fixes to capacity and efficiency issues. To address the over leveraged state of the Discos, he said there is a need for equity injection as the domestic financial system is overexposed to the sector.  He however said that despite current challenges, the Nigerian power sector still holds attractive long-term value.

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