Transcorp Group has said it hopes to raise Nigeria’s power capacity by 300MW by the end of 2023.
Speaking on AriseTV, Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, said that resounding the gas challenge will enable the company to achieve its milestone.
According to the Transcorp GCEO, despite the gas and transmission challenges, the company still witnessed an impressive improvement in its power business in the first six months of this year (2023).
“Transcorp has an installed generation capacity of nearly 2000MW, and in the first half of the year, we focused greatly on improving our mechanical available capacity and we took our capacity to about 900MW.
“There were still some challenges with gas and transmission, but notwithstanding that, we saw a great improvement in our power business. Going by the strategy we are working with now, by year end, we will have about 1,200MW of available capacity.”
On the Abuja Electricity Distribution Company (AEDC) acquisition, Omogiafo explained that Transcorp as part of a consortium that acquired a 60 per cent stake in AEDC was driven by the need to drive Nigeria’s economic recovery as no industry or sector can operate without power.
Experts have opined that lack of a stable power supply continues to be a drawback to the country’s development.
Manufacturers Association of Nigeria (MAN) has said that its members spent the sum of N144.5 billion on alternative power sources in 2022.
She noted that the power sector is critical if the country’s real sector is economic growth.
