NERC says revenue from power sector to hit N1t in 2016

Dr. Sam Amadi, the Chairman of the Nigeria Electricity Regulatory Commission, on Tuesday in Lagos said the revenue from the nation’s power sector would grow to N1 trillion by 2016.
Amadi made the projection in a keynote address he delivered at the 6th Annual Distinguished Lecture of the Nigerian Institute of Quantity Surveyors, Lagos Chapter.
Amadi was represented by Abdulahi Mohammed, the NERC Director of Engineering and Safety Regulations, at the lecture, with the theme: “Power Sector Reforms and the Aftermaths – Appraising the Impact on the Economy.”
He pegged the revenue requirement of the sector in 2013 at N620 billion, adding that the revenue was expected to grow to over N1 trillion in 2016.
He said: “There are huge opportunities for investments in the sector as there are huge gaps in generations and human capital developments.
“NERC needs professionals and investors to transform the huge challenges in the sector into viable opportunities.”
Amadi said that the generation sub-sector of the nation’s power sector had capacity for more than 7,000 Mega Watts but currently generated 4,000 Mega Watts.
He also identified the subsisting challenges of power generation as poor petro and gas supply.
In his speech, the President of NIQS, Malam Murtala Aliyu, said that the ongoing power sector reforms made it imperative for electricity consumers to change their attitudes.
According to Aliyu, it is not good for power consumers to leave lights and some electrical gadgets on and travel.
Aliyu, a former Minister of State for Power and Steel, said the ongoing reforms in the power sector would improve energy situation nationwide.
He said that Quantity Surveyors, contrary to other opinions, had numerous business opportunities in the ongoing power reforms.
Aliyu also enjoined members of the NIQS to get out of their comfort zone and discuss with engineers and show interest in the investments in the power sector.
The Chairman of NIQS, Lagos Chapter, Olayemi Shonubi, in his address of welcome, said that the annual lecture had provided a platform for quantity surveyors to discuss national issues.
Shonubi said that regular power supply remained crucial for any meaningful development in the nation’s economy.