Federal Government Seeks $10 Billion in public-private partnership Investments for 24-Hour Power Supply says Minister of Power
The Federal Government is seeking $10 billion in public-private partnership (PPP) investments over the next five to ten years to achieve a 24-hour power supply.
Mr. Adebayo Adelabu, the Minister of Power, made this announcement during a courtesy visit by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh.
He emphasized that government funding alone would not suffice to meet the energy sector’s needs, as other critical sectors also require financial resources he stressed that collaboration with the private sector, through concessions, would be crucial to achieving the government’s power sector goals.
He further pointed out that the government’s financial capacity is limited, particularly in light of competing needs across various sectors, and noted that the involvement of the private sector, underpinned by ICRC’s regulatory framework, would be essential to raise the necessary funds and ensure the efficient delivery of energy services as the Minister underscored the importance of maintaining a balance between private sector investments and government ownership of the power sector.
Earlier, Dr. Ewalefoh highlighted the significance of private sector involvement to improve the power sector’s performance and optimize existing infrastructure. He acknowledged the multiple challenges facing the sector, noting that they had far outgrown the Federal Government’s funding alone. Ewalefoh emphasized that with interagency collaboration and private sector partnerships, many of these challenges could be addressed, contributing to a more reliable and efficient power supply across Nigeria.
Ewalefoh also noted that the ICRC’s role is crucial in facilitating private investments in the sector, helping to raise part of the required $10 billion. He also emphasized the importance of attracting foreign direct investment (FDI) to boost Nigeria’s economic growth. The ICRC boss commended Minister Adelabu for his sector expertise and praised President Bola Tinubu’s decision to appoint him. The ICRC has also streamlined its processes for PPP service delivery, ensuring that only qualified companies participate, to avoid unnecessary delays and liabilities.
