24-hour power supply: FG seeks private sector support for $10bn funding gap

24-hour power supply: FG seeks private sector support for $10bn funding gap

The Federal Government of Nigeria has stated that it needs a $10 billion investment through Public-Private Partnerships (PPP) over the next five to ten years to achieve a 24-hour power supply nationwide.

Minister of Power Adebayo Adelabu disclosed this during a courtesy visit from Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC).

Adelabu emphasized that the government alone cannot afford the $10 billion investment due to other pressing funding needs.

He highlighted the importance of engaging the private sector while maintaining government interests, stating, “The government cannot do it alone… we need to do this in collaboration with the private sector, and the best way is through concession.”

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Dr. Ewalefoh echoed this sentiment, noting that a PPP approach is crucial to enhancing Nigeria’s power sector, which is essential for the nation’s economic development.

He explained that addressing the sector’s challenges requires funding beyond what the government can provide alone. The ICRC aims to support private sector investment through its regulatory processes to meet the $10 billion target, ultimately improving regular electricity access.

Ewalefoh praised the minister’s expertise in the sector and President Bola Tinubu’s choice to appoint him.

He also mentioned the ICRC’s 6-point policy directive designed to streamline PPP processes, adding that the commission is committed to maintaining strict regulatory standards to ensure capable investment partners without delays.

 

24-hour power supply: FG seeks private sector support for $10bn funding gap