For Nigeria to produce, transmit and distribute 40,000 megawatts, which is the target to actualise the Vision 20: 2020, the country would need an investment of up to N16 trillion ($100 billion), with generation alone accounting for 35 per cent.

Minister of Power, Prof Bart Nnaji, who stated this yesterday at the 2012 Aret Adams’ Annual Lecture Series, said that because of the huge investment, the Federal Government might not be able to meet the financial requirement due to other severe competing needs in agriculture, education, health and roads, among others.

Nnaji noted that the huge financial resources could only be available in international capital market, which was why the Federal Government decided not only to privatise the Power Holding Company of Nigeria Plc (PHCN), but also to liberalise the entire electricity industry, stating that the “Nigerian power firmament is big enough for many stars.”
To meet the aspiration of becoming one of the 29th largest economies by 2020, he said that the country must need at least 40,000 megawatts, which is exactly the quantum of power generated in South Africa, the world’s 20th biggest economy.

Nnaji, who was represented by his Special Adviser on Media, Mr. C. Don Adunuba, disclosed that the country was currently generating 4,400 megawatts, up from 3,800 megawatts Nigeria was producing by May, 2011, when President Goodluck Jonathan returned to office.

According to the Power Minister, by May 2010, when Jonathan became the substantive President, the quantum of power generated was hovering between 2,500 megawatts and 2,800 megawatts.

He said: “In August 2010, for instance, the country attained a new record when it generated 3,800 megawatts, but the system collapsed within minutes because the transmission infrastructure was too weak and ill maintained to wheel this quantum of power.

“The good news is that today, the transmission network easily transports 4,400 megawatts because of the injection of new power stations and other measures taken to bolster transmission capability.

“The President has graciously approved the building of 765KV super grid, which will be more than double the capacity of the country’s current transmission lines of 132KV and 330KV. A lot of rehabilitation, repairs, modernisation and upgrading work is still being carried out on the distribution networks,” he explained.




http://www.nigeriancompass.com/index.php?option=com_content&view=article&id=13346:nigeria-needs-n16t-for-power-says-nnaji&catid=54:nigeria-today&Itemid=594

Nnaji has bn talking a lot of late,feel he is preparing a soft landing ground for targets not being met