The Federal Government has revealed that the country’s power sector requires a $10 billion Public-Private Partnership (PPP) investment over the next five to 10 years to achieve a 24-hour power supply, News About Nigeria reports.
The disclosure was made by the Minister of Power, Adebayo Adelabu, during a courtesy visit by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh.
In a statement released by Ifeanyi Nwoko, acting head of Media and Publicity, ICRC, Adelabu noted that the government alone cannot afford the $10 billion needed for stable electricity, as other critical sectors in the country also require funding.
He called for collaboration with the ICRC and the private sector to mobilize funds for the reconstruction of the nation’s power sector.
“Government cannot do it alone. This is why we need to seek organized private sector funding, while still retaining government interest and ownership. That’s where the ICRC comes in. We need to partner with the private sector, and the best approach is through concession,” he stated.
Ewalefoh agreed, acknowledging that the challenges facing the country’s power sector extend beyond what federal funding alone can address. He emphasized the need to incorporate private sector involvement through PPP to improve the sector.
The DG pledged that through its regulatory framework, the ICRC would collaborate with private sector investors to help raise part of the $10 billion required to ensure regular electricity.
“Revamping the power sector requires planning, substantial investment, and time. We need to work together to address the sector’s issues. The investment required is significant, and the government alone cannot shoulder it, so we must leverage the private sector’s financial capacity. This is the reason the ICRC was established—to regulate this collaboration,” he explained.
