Nigeria aims to produce 10,000 MW of electricity by 2007, according to a statement released here Saturday by the presidency.

The statement said President Olusegun Obasanjo had challenged the newly-established Power Holding Company of Nigeria (PHCN) which replaced the Nigerian Electricity Power Authority (NEPA) to achieve the goal in two years.

According to the statement, Obasanjo made the assertion at a meeting on the reform of the country's power sector held at the weekend in the council chambers of the State House in Abuja.

The statement quoted the president as stressing the need for an urgent revamping of the power sector to meet the yearnings and aspirations of Nigerians.

Obasanjo charged the PHCN and other stakeholders in the energy sector to rise up to the occasion "by ensuring a stable and adequate power supply in all parts of the country."

The high-level meeting was attended by Vice President Atiku Abubakar, Minister of Finance Ngozi Okonjo-Iweala, Minister of Power and Steel Liyel Imoke and the PHCN Managing Director Joseph Makoju.

Nigeria's power sector is currently undergoing a reform program designed to ensure stable and regular power supply. The reform had led to the incorporation of the PHCN which has replaced the NEPA to pave the way for privatization to ensure efficient service delivery.

With a combined installed power generating capacity of 6,000 MW, Nigeria can produce no more than 2,000 MW of electricity annually due to poor management and low technology.

Source: Xinhua