The Nigerian government plans to attract $10 billion from the private sector to strengthen the country’s power infrastructure over the next five to ten years. This initiative, discussed during a recent meeting between Dr. Jobson Oseodion Ewalefoh, Director General of the Infrastructure Concession Regulatory Commission (ICRC), and Minister of Power Chief Adebayo A. Adelabu in Abuja, aims to leverage public-private partnerships (PPPs) to address critical funding and technical challenges in the power sector.
During the meeting, Dr. Ewalefoh emphasized the need for substantial investment and expertise to revamp Nigeria's power sector. He highlighted that stable power is essential for economic growth, making it crucial to optimize existing infrastructure while securing funding for new projects. According to Ewalefoh, PPPs provide an effective way to harness the financial capacity and technical skills of private entities to improve infrastructure performance.
Ifeanyi Nwoko, Acting Head of Media at the ICRC, released a statement detailing the discussion. Dr. Ewalefoh noted that the power sector’s challenges go beyond funding, involving complex issues that demand both interagency collaboration and private sector involvement. Through PPPs, the government hopes to attract the necessary investment to stabilize electricity supply across Nigeria, enhance foreign investment, and ultimately boost economic growth.
In response to remarks from Minister Adelabu, Dr. Ewalefoh outlined ICRC’s regulatory role in facilitating private sector investments in the power sector. He noted that the Commission’s regulatory oversight ensures that only capable companies are engaged, minimizing risks and avoiding delays. To support these efforts, the ICRC recently introduced a six-point policy aimed at accelerating the PPP process while maintaining rigorous regulatory standards. This policy ensures that companies that fail to meet project requirements risk having their agreements canceled.
Minister Adelabu expressed strong support for the ICRC’s PPP-driven approach, acknowledging that private funding is essential to achieve 24-hour power supply across Nigeria within the next decade. He reiterated that the government alone cannot fund this substantial investment, especially with other critical sectors requiring financial attention. Instead, a partnership with the private sector through concession agreements appears to be the most viable strategy for financing power sector development without sacrificing government ownership or control.
This initiative aligns with President Bola Ahmed Tinubu's directive to fast-track private investments in infrastructure, as the government aims to provide reliable electricity access for Nigerian citizens, stimulate economic growth, and attract foreign investment to various sectors across the nation.
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