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The Federal Government has said that the country needs $10 billion investment in the power sector within five to ten years to achieve a 24-hour electricity supply.
The Minister of Power, Adebayo Adelabu, disclosed this when the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, paid him a visit in Abuja on Wednesday.
Adelabu said that the government alone, could not afford the $10 billion when there were other critical sectors in need of funding.
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He said: “To achieve a 24-hour power supply across Nigeria within the next five to ten years, a minimum funding of $10bn is required.
“The government cannot shoulder this alone given the pressing financial needs of other critical sectors.
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“Can the government do it alone? No! This is why we need to marshal private sector funds while still retaining government interest and ownership.
“This is where ICRC comes in. We need to collaborate with the private sector, and the best way to do this is through concessions.”
Reacting to the Minister’s statement, the Director-General said that through its regulatory processes, the ICRC could facilitate private sector investment in part of the $10bn required to improve the power sector.
He added that the commission can attract more foreign direct investment into other sectors, and ultimately stimulate economic growth.
He said: “Revamping the power sector requires planning, investment, and time. We need to collaborate to resolve the issues in this sector.
“The investment required is vast, and the government cannot fund it alone, so we must leverage the private sector’s financial capacity.”
