Nigeria’s state oil company announced its plan to head towards power generation and transmission this week in line with its strategy to resolve Nigeria’s long-standing power problems, Reuters reported.
According to CNBC, Nigeria is considered one of the top producers of Africa’s oil but its power generation and electricity grid suffer from lack of investments and poor infrastructure which forces many citizens to rely on private generators to satisfy their need for electricity.
The Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru stated that the company plans to convert “from an oil and gas company into an integrated energy outfit with added interest in power generation and transmission.”
“The NNPC’s “decision to diversify into the power sector was hinged on the need to bridge the huge energy gap in the Nigerian market,” Baru added in the statement.
No details have been provided about the budget of the investment or the exact time frame needed for the execution of the plan.