Abuja, Oct. 9, 20 13 ( NAN) The Chairman of the Presidential Task force on Power, Chief Reynolds Dagogo-Jack, said on Wednesday that the Federal Government expected to reduce unemployment at the successful completion of the Power Reform Agenda.
Dagogo-Jack made the statement in Abuja at the 43rd Annual Accountants Conference.
He said a functional power sector was strategic in meeting the challenges of the country’s increasing population.
He said international investors were also expected to take advantage of the nation’s huge market potential and invest in the power sector.
Dagogo-Jack said the presence of the foreign investors was expected to result in reduction in the country’s electricity deficit.
He said the current supply penetration was less than 40 per cent and below 25 per cent for urban and rural areas respectively.
“This is against the background that gross rural population far outstrips urban population by not less than 2.5 times,’’ Dagogo-Jack said.
He said that current installed and available generation capacity was under 10,000MW, including the National Integrated Power Projects (NIPPs)
Dagogo-Jack said NIPPs were currently operating at pre-reform level of under 50 per cent efficiency.
He said that Nigeria had diverse energy mix, including alternative fuel sources, such as natural gas, coal, small and large hydro, solar and wind.
Dagogo-Jack said this was the best mix for any long-term investor seeking to make the best out of fuel sources.
He said successfully managing the nation’s energy sector would have huge multiplier effects on the economy.
According to him, Nigeria has the best potential in Africa for translating electricity expansion into diversified economic base for sustained GDP growth. (NAN)