As an insurance executive, you understand the importance of risk management and long-term sustainability. The power sector is no exception. In a recent article by Adebayo Waheed, Minister of Power, it was revealed that ten states have moved into the electricity market in a bid to find a lasting solution to the incessant power challenges across the country. This represents a major shift in how electricity will be regulated and managed in Nigeria. However, there are still challenges facing the sector. In this guide, we will explore how insurance executives can ensure long-term sustainability in the power sector.

Step 1: Provide Security to Protect Power Assets

One of the biggest challenges facing the power sector is vandalism and intruders. Insurance executives can help by providing security to protect power assets. This can include hiring security personnel, installing surveillance cameras, and implementing access control measures.

Step 2: Create Special Courts for Speedy Trials of Power Assets Vandals and Intruders

Insurance executives can also advocate for the creation of special courts to enable speedy trials of power assets vandals and intruders. This will help to deter criminal activities and ensure that justice is served quickly.

Step 3: Prompt Issuance of Right of Way to Power Developers

Another challenge facing the power sector is the delay in the issuance of right of way to power developers. Insurance executives can help by advocating for prompt issuance of right of way to power developers. This will help to speed up the development of power infrastructure and ensure that electricity becomes accessible to all Nigerians.

Step 4: Provide Land for Power Assets

Insurance executives can also advocate for the provision of land for power assets like substations or solar plants. This will help to ensure that power infrastructure is developed in the right locations and that electricity becomes accessible to all Nigerians.

Step 5: Invest in Renewable Energy Projects

Finally, insurance executives can help to ensure long-term sustainability in the power sector by investing in renewable energy projects. This will help to reduce Nigeria’s reliance on imports and ensure that the country’s energy needs are met in a sustainable way.

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Source: Power Outage: 10 States Moved Into Electricity Market – Minister