The Nigerian government has stated that the country requires an estimated $10 billion investment in the power sector over the next five to ten years to achieve a 24-hour electricity supply. This was disclosed by the Minister of Power, Adebayo Adelabu, during a visit from the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, in Abuja on Wednesday.
Adelabu emphasized that the challenges facing Nigeria’s power sector are too vast for the government to address alone, which is why private sector involvement is crucial. He noted, “Government cannot do it alone; this is why we have to look for organized private sector funding while still retaining government interest and ownership.”
Ewalefoh echoed these sentiments, highlighting that revamping the power sector requires meticulous planning, investment, and time. He stressed the importance of collaboration and leveraging private-sector financing, explaining that the ICRC was established to regulate such partnerships.
Nigeria’s power sector continues to face persistent challenges, including frequent grid collapses, high electricity costs, a metering gap, and limited access to power supply. Recently, the national grid has collapsed at least twelve times, plunging the country into darkness. Additionally, the Economic and Financial Crimes Commission (EFCC) has attributed the repeated grid failures to corruption among contractors in the power sector.
This call for substantial investment and private-sector involvement underscores the urgent need for reform in Nigeria’s power infrastructure to stabilize and improve the nation’s electricity supply.
