The power sector requires funding, infrastructure, a mixture of gas, hydro and renewable sources of energy and cost-reflective tariffs to operate optimally, stakeholders have said.
Other strategies, they said, are efficient transmission and distribution network, meters, and gas.
The Chief Executive Officer, SolarCentric Technologies Limited, Mr Adetunji Iromini, the Campaign Director, Nigeria, Power for All, Mr Ifeoma Alo, the Executive Director, Business Development, Starsight Nigeria Limited, Mr Rex Adebayo, and others, spoke during the 12th renewable energy seminar organised in Lagos, by the German Embassy, Abuja and German Chamber of Commerce and Industry.
Iromini said the industry is facing problems, such as short supply of meters, huge tariffs, and poor infrastructure, adding that the problems can be solved, when the sector is well financed.
He said when there is huge liquidity in the sector, it would be easier for the power firms to improve electricity supply, procure enough meters for their customers, among doing other things that would engender growth in the sector.
He said the power distribution companies (DisCos) interface with customers regularly, adding that it would be easier for the firms to know the problems facing them and how to proffer solution to them.
On metering, Iromin urged power firms to conduct enumeration to know the customers that need meters and supply them meters appropriately, adding that by so doing, the firms are saving customers from the agony of estimated billing.
Citing a report on Power Sector Recovery Programme(2017-2021), he said a unit of energy cost around N50.30, urging the Federal Government to subsidise the price, at which, people are paying for energy.
Alo urged the government to allow prospective and existing investors in solar and other renewable energy build mini-grids, adding that the government would be the decentralising transmission of electricity in the country.
He blamed the Olusegun Obasanjo administration for not probing Nigerians that were guilty of corruption.
He, however, commended the government of former President Goodluck Jonathan, for privatising the sector, despite the challenges facing it.