Nigeria needs to sustain economy through gas supply

 

With the Corona virus pandemic that hit the entire world, Nigeria has not been an exception. Tougher times lie ahead for the country, as the economy is expected to record negative growth.

We are slowly sliding into a recession, as the outbreak of the virus caused the price of crude oil to crash.

The global economy continues to tremble, in the face of the threat posed by the pandemic. Crude oil prices all over the world has declined, leaving wounds in the economy.

However, the key stakeholders in the Nigerian economy seek innovative ways to minimize the effects of the pandemic. It has become imperative for Electricity Distribution Companies to improve power supply to Nigerians, who were compelled to remain in their homes.

Seeing as the country’s economy is under immense threats, gas supply is urgently needed now to reflate the country’s economy.

Since the announcement of the COVID-19 lockdown in March, there has been an increased need for stable gas supply, to enhance power generation and distribution across Nigeria.

The World Health Organization (WHO), has also stated that without constant electricity, many life-saving interventions cannot be undertaken. Medical experts have advised that the fight against Covid-19, requires joint effort from all stakeholders- the government, energy, oil and gas companies, businesses as well as individuals.

Nigeria’s electricity supply has never been the best, with interrupted power supply being the norm, and we are now in an era, where it is urgently needed to be improved.

The Nigerian Electricity System Operator, commonly referred to as SO, put the nation’s installed generation capacity at 12,910.40MW, available capacity at 7,652.60MW, transmission wheeling capacity at 8,100MW, and the peak generation ever attained at 5,375MW. This is against an estimated peak demand forecast of 28,570.00MW.

Dr. Joy Osagi, the Executive Secretary, Association of Power Generation Companies (APGC), has highlighted on the importance of gas supply in the power sector, and has called on the government to aid in the improvement of gas supply, as to enable stable electricity generation.

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