The Vice President, Yemi Osinbajo, SAN yesterday stated that the administration of President Muhammadu Buhari, in consolidating efforts made in its first term, is committed to expanding opportunities for investments in renewable energy, technology and other sectors of the Nigerian economy.
Osinbajo made the declaration while responding to questions from a cross section of Norwegian investors at a round-table event at the Nordic-African Business Summit holding in Oslo, Norway.
Making specific reference to the gains made in reforming the energy sector, the Vice President said, “some of the issues around the power sector have been around the whole question of trying to open up for more willing buyer, willing seller arrangement as opposed to selling to the grid.
“I think what has happened is that some of the contractors would prefer to sell wholesale power to the national grid; of course that gives more certainty with regards to their revenues. But what we have tried to encourage now is more of the willing buyer, willing seller arrangement.”
Citing an example of the progress made with the Energising Economy programme in Sabon Gari, Ariaria and other markets across the country, Prof. Osinbajo said: “what is sustainable, long-term, is actually the situation where a private power company can supply whole areas, going through the whole metering process.
“We have found that it has been successful. It worked in Lagos and other places. Azuri power is supplying power in Wuna, a place just outside Abuja; they are in Lagos and other places. Everybody would rather have a guarantee for payment linked with government, but that isn’t sustainable”.