The Nigerian government aims to secure $10 billion in private investment over the next five to ten years to establish a 24-hour electricity supply across the nation. Minister of Power, Adebayo Adelabu, shared this goal during a visit from Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), as part of a push to leverage Public-Private Partnerships (PPP) for electricity infrastructure.

Adelabu emphasized the need for private sector funding, citing that government resources alone are insufficient given competing demands across critical sectors. “Government cannot do it alone. That’s why we must turn to private sector funding while still retaining government interest and ownership,” he stated.

ICRC Director-General Ewalefoh reinforced the necessity of private sector involvement, explaining that Nigeria’s power challenges require substantial investment that exceeds government capacity. “Optimizing existing infrastructure and investing in new projects is essential for national development,” Ewalefoh noted, highlighting the potential of private investment to bridge funding gaps.

The ICRC, through regulatory measures, aims to attract private investors while also encouraging foreign direct investment to boost economic growth. “Revamping the power sector requires planning, substantial investment, and time. We need collaboration to overcome the sector’s challenges,” Ewalefoh added.

Ewalefoh commended Minister Adelabu’s expertise and applauded President Bola Tinubu’s administration for appointing a knowledgeable leader in the power sector. To streamline PPP implementation, the ICRC recently introduced a six-point policy aimed at ensuring efficient service delivery and regulatory compliance within PPPs.

This initiative seeks to harness private capital and expertise, addressing Nigeria’s power challenges and paving the way for a stable, sustainable electricity supply nationwide.