The Nigerian government has called for urgent private sector investment in the country’s power sector, estimating that at least $10 billion will be needed over the next decade to achieve stable, 24-hour electricity supply nationwide. Minister of Power, Mr. Adebayo Adelabu, emphasized this during a meeting with Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), highlighting the limitations of relying solely on public funds.
Minister Adelabu stated that Nigeria’s energy needs require significant private investment, as the government must allocate resources across multiple critical sectors. The government plans to draw in private capital through concessions that would provide shared control over power assets, enabling both improved infrastructure and professional expertise to drive progress.
The ICRC, responsible for regulating public-private partnerships (PPPs) in Nigeria, will oversee these collaborations to ensure they meet national infrastructure goals. Dr. Ewalefoh highlighted that private sector partnerships are essential to addressing Nigeria’s longstanding electricity challenges, which leave more than 85 million citizens without reliable grid access.
In response to the pressing need for investment, the ICRC has launched a streamlined six-point policy to make PPP processes more efficient, prevent delays, and ensure only well-prepared companies engage in these ventures. Each partnership agreement includes conditions that nullify contracts if private sector participants fail to meet set benchmarks.
The officials agreed that increasing foreign direct investment would bring not only funding but also technical expertise to Nigeria’s energy sector. A reliable power supply is expected to boost economic growth, benefiting both businesses and households across the country. Through this partnership-driven approach, Nigeria aims to create a sustainable energy landscape, with long-term gains for its economy and population.
