×
  • Business - Economy
  • Updated: May 09, 2024

Tariff hike attracting investors to power sector - Minister

Tariff hike attracting investors to power sector - Minister

The Minister of Power, Adebayo Adelabu, has stated that the increase in electricity tariff policy is attracting local and foreign investors to the power sector.

He said this recently when he launched a mobile substation in the Ajah area of Lagos State.

He said the investors included bankers, who had been avoiding the power sector due to a lack of liquidity.

According to Adelabu, the investors are coming back after they got information about the tariff increase that applies to 15 per cent of Band A customers.

“The revised tariff has led to renewed interest of investors in Nigeria’s power sector. This is a very good thing.

“All those people that have been running away from the sector, in terms of local and foreign investors; all the bankers that could not touch the sector with a long pole, they are now coming back, and they are interested in investing in the power sector; just because of the little increase we did for a small percentage of our electricity consumers,” Adelabu disclosed.

The minister, however, reiterated that the power distribution companies should desist from charging Nigerians the new tariff without a guarantee of 20 hours of electricity supply.

"Our people should not be cheated. There must be value for money,” he warned.

 

Related Topics

Join our Telegram platform to get news update Join Now

0 Comment(s)

See this post in...

Notice

We have selected third parties to use cookies for technical purposes as specified in the Cookie Policy. Use the “Accept All” button to consent or “Customize” button to set your cookie tracking settings