Nigeria’s Power Sector Requires $10 Billion Boost for Consistent Electricity Supply

Adelabu emphasized that the government should not bear the entire $10 billion cost, given other important sectors requiring financing.

The Federal government, under President Tinubu, has indicated that $10 billion in private investments is necessary to provide consistent 24-hour electricity supply.

Mr. Adebayo Adelabu, the Minister of Power, shared this information during a visit from Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC).

The ICRC’s Acting Head of Media and Publicity, Mr. Ifeanyi Nwoko, released a statement regarding this visit on Wednesday, November 13.

Adelabu further stated that the government cannot shoulder the $10 billion expense alone when critical sectors also need financial support.

“The government cannot handle this by itself; thus, we must seek organized private sector investment while maintaining government interest and ownership,” he explained.

“This is where the ICRC plays a role. We must collaborate with the private sector, and the most effective approach is through concessions,” he added.