On Wednesday, the Federal Government said it needs $10 billion from public and private investments in the power sector over the next five to ten years to achieve uninterrupted electricity supply.
Power Minister Adebayo Adelabu made this declaration during a meeting with Dr. Jobson Ewalefoh, the head of the Infrastructure Concession Regulatory Commission.
Adelabu pointed out that government funding alone won’t be enough to reach the $10 billion needed, and he highlighted the need for private companies to help.
“The government can’t handle this by itself, we need support from organized private businesses while still keeping the government’s interest and control.”
The commission promised to keep strict regulatory watch to avoid risks and avoidable delays caused by companies that don’t have the needed ability.
Ewalefoh highlighted the ICRC’s 6-point plan, which was made to speed up investments in public-private partnerships, as directed by President Bola Tinubu. This streamlined process aims to enhance service delivery.
Ewalefoh praised Adelabu for his deep understanding of the field and complemented President Tinubu’s choice.
