Nigeria's Minister of Power, Adebayo Adelabu, announced that the country requires a $10 billion investment over the next five to ten years to ensure a stable, 24-hour electricity supply. During a meeting with Dr. Jobson Ewalefoh, Director General of the Infrastructure Concession Regulatory Commission (ICRC), Adelabu emphasized the need for private sector involvement to tackle Nigeria's significant power challenges. He highlighted that government alone cannot meet the demands of the sector, especially with issues like frequent grid collapses, high electricity costs, metering shortfalls, and limited power access.
Dr. Ewalefoh added that revitalizing Nigeria's power sector involves comprehensive planning, investment, and collaboration with private entities. He mentioned the role of ICRC in facilitating private sector funding to help bridge the financing gap.