The Nigerian National Petroleum Corporation, NNPC, spent N151.43 billion for the purchase of crude oil for the country’s refineries over a 12-month period, between July 2015 and June 2016.

The Nigerian Society of Engineers, NSE, has blamed the problem of epileptic electricity supply currently being experienced across the country on inability of the Distribution Companies (Discos) to make meaningful impact in replacement of old and obsolete power equipment.

As Nigeria grapples with inadequate power supply, focus appears to be shifting towards wind power which capacity is estimated to reach 2,110 Giga Watts, GW, globally and generate up to 20 per cent of the world’s electricity by 2030, while attracting around 200 billion euros in annual investment, the Global Wind Energy Council, WEC, biennial Wind Energy Outlook, report stated.

Stakeholders in the Mini-grid market across the country have urged the Nigerian Electricity Regulatory Commission (NERC) to ensure effective integrated and comprehensive National Electrification Plan to aid growth in the power sector.

Many years ago, we used to scratch and find oil. We believe that if we dig deeper, we will find more. The belief is that if we go deeper, we find more. If you really want to do that, you need a concerted approach as we are trying to drill the bar, at the same time, we are trying to expand the focus for the search beyond Niger Delta, take it down to Benue Trough, Dahomey Basin, Anambra Basin, Gongola Basin and then see what is there.