Minister of Power Adebayo Adelabu has disclosed that the Federal government is planning to raise $10 billion to end incessant collapse of the electricity grid and also guarantee a 24-hour power supply across the country.
Adelabu said the public-private partnership project will come off the ground within next ten years. He made the remarks in Abuja when he hosted Infrastructure Concession Regulatory Commission (ICRC), director-general, Dr Jobson Ewalefoh in his office in a meeting to address financial and technical needs of Nigeria’s power sector through Public-Private Partnerships (PPP).
“Achieving 24-hour power supply within 10 years requires a funding commitment of around $10 billion, which the government alone cannot provide,” said Adelabu.
“This is why we must partner with the private sector through PPPs, while retaining government interest.”
Speaking on the role of the PPPs Dr. Ewalefoh said: “Revamping the power sector requires planning, investment, and time.
“Government cannot fund it alone, so we must rely on the private sector’s financing capacity, which is why the ICRC was set up to regulate this leverage.”
