By MUHAMMED DANBABA
Abuja, Nigeria – The Federal Government of Nigeria has announced a $10 billion investment target over the next five to 10 years to achieve 24-hour power supply, with a focus on public-private partnerships (PPP). Minister of Power, Mr. Adebayo Adelabu, revealed this investment goal during a courtesy visit from Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC).
Investment Goals and Government-Private Sector Collaboration
Adelabu emphasized that the government cannot meet the funding needs of the power sector alone due to competing financial demands from other critical sectors.
“We need over $10 billion for the power sector, but public funding alone cannot achieve this. Partnering with organized private sector funding, while retaining government ownership, is essential,” Adelabu stated. “That’s where the ICRC comes in, facilitating these partnerships through structured concessions.”
ICRC’s Role and Strategic PPP Implementation
Dr. Ewalefoh highlighted the ICRC’s crucial role in drawing private sector expertise and capital to Nigeria’s power sector. According to the ICRC, PPP investments would not only enhance current infrastructure but also attract foreign direct investment to the country, driving economic growth.
“The scale of investment needed requires leveraging private sector financing. Through our regulatory framework, we can bring in investors to raise the $10 billion required for stable electricity,” Ewalefoh explained.
Policy Support and Streamlined PPP Processes
Under the directive of President Bola Tinubu, the ICRC introduced a six-point policy direction to streamline PPP project implementation across Nigeria. This policy aims to accelerate approvals, prevent delays, and ensure companies participating in the PPP model meet strict regulatory standards.
“The ICRC’s stringent regulatory approach ensures that only companies with the necessary capacity participate, avoiding financial setbacks and project delays,” Ewalefoh added.
A Vision for Sustainable Energy Solutions
The Nigerian government’s vision for a 24-hour power supply aligns with its broader economic goals, as stable power is essential for economic development. The $10 billion investment target is a strategic step towards sustainable energy solutions, empowering both local and foreign investors to play a significant role.
