Insufficient investment has been said to be a major problem hindering Nigerians from reaping the desired result from the 2013 power sector privatization. And that to shore up the power supply in the country, the Federal Government through its national policy on power, targets 20 per cent of her power source from the renewable energy in the Nigeria energy mix by 2020.
Calling for a collaborative effort in tackling the issues, Fashola said, “We must now work together to develop emerging electricity market with a strong responsive, yet proactive regulator and other participants meeting all obligations including their respective business plans.
In his keynote address, the Chief Executive Officer, Rosatom Central and Southern Africa, Mr. Dmitry Shornikov said that stable and affordable electricity remains one of the bedrocks of industrial revolution and sustainable economic growth. He noted that a platform like the Future Energy Nigeria becomes a veritable ground for finding a common solution to the power challenge in Africa.
He said that the importance of the industrial sector in a country’s economic development cannot be overemphasized, according to him, the future of every economy lies in its industrial sector which essentially makes it the heartbeat of economic development. “Industry demands a huge amount of dispatchable power, commonly known as baseload. It becomes more vital when one takes into consideration industrial processes for the beneficiation of raw materials, this requires steady power 24 hours.
“We firmly believe that each country needs to vary its energy source and strive for a balanced energy mix that will both support its Industrial and socio-economic inventions. Nuclear is a great addition to today’s energy mix. A new generation nuclear power pack has a design life of roughly 80 years. It generates very affordable power at a very stable and predictable prices.
“Nuclear has the highest capacity factor of all the current generating resources, meaning that it produces power just about 24 hours, 365 days in a year, exactly when it is needed. Nuclear power emits very little to zero C02 emissions. It is credibly efficient and therefore produces a little amount of waste,” Shornikov said.