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Business News of Wednesday, 10 March 2021

Source: www.financialnigeria.com

Lagos conference aims to drive investment in the power sector

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Eventhive.ng, a Nigerian PR firm, says becoming one of the world’s largest economies will remain an aspiration for Nigeria if the country does not have the electricity required to drive industrialisation. Increasing access to electricity and improving energy efficiency are crucial to revitalising local industries and achieving sustainable economic growth.

The upcoming Nigeria Power Outlook 2021 conference, organised by Eventhive.ng, aims to put a spotlight on the role of the power sector in unlocking the country’s economic potential. Themed: The Pathway for Growth, the event will bring together policymakers and players across the power sector value chains to share ideas on improving the sector.

The conference will hold on 28 – 29 April, 2021 as a hybrid event, combining a virtual component with a live in-person event in compliance with COVID-19 social distancing protocols. The live in-person event will take place at the Civic Center, Victoria Island, Lagos, Nigeria.

This year's event is the second edition of the annual Nigeria Power Outlook, which brings together stakeholders from the power value chains, including generation, transmission, distribution, renewable energy, off-takers, developers, equipment manufacturers, technology providers, investors, legal and consulting. The event provides an opportunity for learning, knowledge transfer, interaction and peer-to-peer networking.

In a statement it sent to Financial Nigeria – a media partner for the conference – Eventhive.ng said this year’s conference will feature exhibitions of the latest products, technologies and services from power and energy companies. The event organiser also said discussions at the conference will focus on providing solutions in the sector, rather than challenges.

Despite the privatisation of the generation and distribution assets since 2013, the Nigerian power sector continues to face recurrent challenges, including funding liquidity challenges, gas shortages and other technical issues, leading to limited electricity supply.

However, there are efforts being made by some stakeholders to improve the sector, especially in the area of energy efficiency. For example, last month, B&S Power Holding, a Singapore-based renewable energy company, and Sunnyfred Global, a Nigerian investment firm, announced a collaboration to construct a 200 megawatts (MW) solar farm to be located in Ashama Village in Delta State. The solar farm, called the Ashama Solar Photovoltaic Project, will be the largest PV system in West Africa.

The key focus areas of the Nigeria Power Outlook include de-risking energy investment in the post-pandemic environment; attracting and retaining investments in the Nigerian power and gas sectors; understanding the regulatory environment; demonstrating the appeal and potential of off-grid power projects; and collaborative approaches to ending energy poverty.