Chief Adebayo Adelabu, Minister of Power

Minister of Power, Chief Adebayo Adelabu has said the Federal Government is planning to give electricity generation companies (GenCos) access to foreign exchange (forex) for their maintenance and operations.

Adelabu made this known on his X handle yesterday while giving account of his visit to Egbin Power Plant in Ikorodu, Lagos State.

He said GenCos having access to forex is critical to sustaining and improving energy supply nationally.

“Moreover, we acknowledge the importance of ensuring that power generation companies have access to essential foreign exchange (forex) for their maintenance and operations. This access is crucial for sustaining and improving power output on a national scale,” Adelabu said.

He added that the government is accelerating efforts to ensure Gencos have access to forex due to the critical role they play in the country’s energy infrastructure.

“We are taking decisive steps to facilitate this access, recognising its critical role in the broader context of our energy infrastructure,” Adelabu said.

He said the ministry’s ongoing discussions with the Ministry of Petroleum Resources and gas suppliers are centered on addressing gas supply constraints and facilitating debt repayment.

According to him, through collaborative efforts with all stakeholders, the government is dedicated to finding solutions that will benefit the entire sector and contribute to its long-term sustainability.

He noted that the shortage of gas has posed a significant obstacle to the operation of gas power plants.

He pointed out that during his visit to the Egbin Power Plant, he reiterated that the ministry has conducted a thorough diagnosis of the challenges currently facing power sector in Nigeria.

He said these challenges range from infrastructure limitations to supply chain constraints.