He revealed this at the closing session of the African Natural Resource and Energy Investment Summit held on Thursday in Abuja.
The minister speaking on challenges in the sector said the increased cost of production has affected foreign investments, reduced reliability, and environmental concerns.
This was as he sought continued cooperation and collaboration to help implement government policies and programmes in the energy sector for the well-being of Nigerians and the country's economic development.
He said, “I want us to discuss a matter of utmost importance that affects not only our economy but also the daily lives of every Nigerian citizen; the impact of high gas prices on power generation in Nigeria. In recent times, we have witnessed a significant increase in the price of natural gas in the global market. This surge in gas prices has a profound impact on our power generation subsector.
“Let me mention some of the key consequences which include increased cost of production; reduced reliability; investment challenges; and environmental concerns when power companies resort to using cheaper but more polluting fuels.
“Hence, I am using this medium to seek your continued cooperation and collaboration so that we can together implement government policies and programmes in the energy sector for the well-being of Nigerians and the country's economic development.
“Together, we can unlock the full potential of Nigeria's energy sector and set the stage for a brighter, more sustainable future.”
The minister expressing the need to attract domestic and foreign investment towards energy self-sufficiency, and economic diversification, said the government is ready to expand access to electricity, upgrade infrastructure, promote renewable energy, and encourage private investment.
According to him, the Electricity Act recently signed by the president was formulated to compel the utilisation of renewable and non-renewable energy sources for power supply in the country and attract investments.
Adelabu added, “While there is still work to be done, the commitment to improving the power sector is evident. The initiatives to expand access to electricity, upgrade infrastructure, promote renewable energy, and encourage private investment are steps in the right direction. With continued dedication and collaboration between the government, private sector, and other key stakeholders, Nigeria can look forward to a brighter future with a more robust and reliable power supply.”