Nigeria Seeks Private Sector Partnership for $10bn Power Overhaul
The Nigerian government has unveiled plans to team up with the private sector to raise part of the $10 billion needed to overhaul the country’s power sector. The initiative is a key part of a strategy aimed at ensuring a stable and reliable electricity supply over the next five to ten years.
During a recent visit by Dr. Jobson Oseodion Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), to the Minister of Power, Adebayo Adelabu, both officials emphasized the importance of involving private sector investment in tackling Nigeria’s chronic power issues.
They agreed that public-private partnerships would play a crucial role in securing the necessary funding and expertise to modernize the power infrastructure.
Minister Adelabu highlighted that the government alone cannot shoulder the financial burden, especially with other pressing needs, and confirmed that the government’s funding would be supplemented by contributions from the private sector.
Additionally, the power minister indicated that a portion of the 2024 Supplementary Budget and the 2025 Appropriation Bill would be allocated to addressing financial shortfalls in efforts to prevent further grid collapses.
The initiative, which aims to provide 24-hour electricity nationwide by 2034, will require substantial investment, and ICRC’s regulatory processes are expected to streamline private sector involvement, ensuring swift project delivery while minimizing risks for investors.
