Nigeria needs $10 billion investment to achieve regular electricity – FG
The Nigerian government has announced the need for $10 billion in private investment to achieve a reliable 24-hour power supply over the next five to ten years. Minister of Power, Mr. Adebayo Adelabu, shared this during a recent courtesy visit from Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC).
According to a statement from ICRC’s Acting Head of Media, Mr. Ifeanyi Nwoko, Adelabu highlighted that while achieving constant power supply is essential, the government alone cannot meet the full financial requirement due to funding needs in other critical sectors. This initiative calls for significant private sector involvement to strengthen Nigeria’s power infrastructure.
”Government cannot do it alone this is why we have to look for organized private sector funding, while still retaining government interest and ownership, he said
“That is where ICRC comes in. We need to do this in collaboration with the private sector and the best way is through concession,’’ he said.