By Jemimah Wellington, JKNewsMedia Reporter
THE FEDERAL Government of Nigeria is looking to raise $10 billion in public-private partnership investments to ensure a stable 24-hour power supply across the country within the next 5-10 years.
Adebayo Adelabu, the Minister of Power, highlighted the need for collaboration with the private sector to address the country’s energy challenges, which include attacks on transmission infrastructure by vandals.
Adelabu made this statement while receiving Dr. Jobson Ewalefoh, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), in his office.
He stressed that the government could not achieve this goal alone and needed private sector participation to bridge the funding gap.
Ewalefoh echoed this sentiment, noting that the nation’s power sector faced numerous challenges, such as limited infrastructure and funding.
He emphasized that collaboration and investment from the private sector were critical, particularly through Public-Private Partnerships (PPP).
He added that the ICRC’s role is essential in facilitating and regulating these partnerships, which could attract foreign investment to other sectors of the economy.
The power minister also acknowledged ongoing attacks on critical infrastructure, such as a recent assault on the Transmission Company of Nigeria’s (TCN) construction site in Obajana, Kogi State, which hindered progress in the power sector.
Despite these challenges, the government remains committed to ensuring a steady electricity supply by engaging the private sector, which will help raise part of the $10 billion needed to improve power infrastructure.
