The Federal Government has highlighted the need for a $10bn investment in Nigeria’s power sector over the next 10 years to achieve a consistent and reliable electricity supply. The investment is crucial for the country’s goal of a 24-hour power supply and is part of a broader strategy to address long-standing power supply issues.
At a meeting with the Minister of Power, Adebayo Adelabu, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, emphasized the importance of collaboration with the private sector. The government is seeking private sector contributions through Public-Private Partnerships (PPP) to finance and provide the necessary expertise for the sector’s growth.
While the government cannot fund the entire $10bn, the private sector is expected to help bridge the gap while maintaining government interest. The ICRC will play a key role in regulating these partnerships and ensuring that the power sector receives the necessary investments to meet its targets.
The Minister recently ordered the replacement of aged power infrastructure to prevent grid collapses, with additional funding expected from the 2024 Supplementary Budget and 2025 Appropriation Bill. The ICRC’s role will be pivotal in overseeing these projects and encouraging the private sector to invest, contributing to Nigeria’s economic development.
