The chairman of the board of directors of Eko Electricity Distribution Company, Dere Otubu, has emphasised the need for increased investment in the power sector to meet Nigeria’s growing energy demands.

Mr Otubu said this in a statement on Thursday in Lagos after the just concluded Nigeria-India Business Council’s (NIBC) India Trade Mission to Nigeria held in Abuja.

He underscored the importance of collaborative efforts between Nigeria and India in driving advancements in energy and other sectors.

He stated that although progress was made in reforming Nigeria’s electricity industry, more capital investment was required to expand generation, transmission and distribution capacities.

“Nigeria has enormous potential in the power sector that can be unlocked with sufficient capital injection from investors seeking long-term returns,” Mr Otubu noted.

Mr Otubu acknowledged the ongoing challenges faced by the power sector and stressed the urgency of adopting innovative solutions.

He said, “The power sector is the backbone of any thriving economy, and as we witness the dynamic growth in Nigeria, it is imperative to inject more resources into power to bring about the desired growth.

“This will not only address the current energy deficit but also lay the foundation for sustainable economic development.”

Highlighting the market opportunities, he said only about 55 per cent of Nigerians have access to electricity, indicating room for growth as more consumers connect to the grid.

He lauded the NIBC’s Trade Mission for its visit, saying such fosters a sustainable trade relationship between the two nations.

The Nigeria-India Business Council facilitates partnerships between businesses in the two countries.

The business forum featured investment opportunities across agriculture, manufacturing, oil and gas, and information technology sectors.

(NAN)