The Minister of Power and Steel, Professor Chinedu Nebo disclosed this on Friday at the official commissioning of 1 X 150MVA, 330/132kv Transformer at Ayede 330/132kv Substation, Ibadan, Oyo State capital.
He said that the president had also approved a master plan for a national grid which would provide power to all rural areas in the country.
According to him, this will have a national transformation impact on the country's electricity supply.
The minister further said that Nigeria has a metering gap of three million, adding that it is a huge market for meters manufacturers to tap into.
Commenting on the fate of the staffs of the defunct Power Holding Company of Nigeria (PHCN), he said "Over 40,000 of the 47,000 PHCN workers had been paid off" while work is ongoing to ensure that the remaining 7,000 workers whose bio-metric capturing were not perfect or have multiple banks accounts"
On the challenges confronting the power sector, Nebo said vandalism of the gas pipelines and electricity equipment had been a major setback to achieve stable power supply.
Nebo urged Nigerians to be patient with the new power investors, stressing that it will take some couple of months before Nigerians can be confident of stable power supply.