The Federal Government requires a $10 billion Public-Private Partnership (PPP) investment in the power sector over the next five to 10 years to provide 24-hour electricity.
This was disclosed by Minister of Power Adebayo Adelabu.
Speaking during a visit from Infrastructure Concession Regulatory Commission (ICRC) Director-General Dr. Jobson Ewalefoh, emphasised that government funding alone is insufficient, given demands in other critical sectors.
Adelabu noted that private sector involvement through concessions is essential to securing the required investment while maintaining government ownership in the sector.
Dr. Ewalefoh agreed, stressing the need for private input to address funding limitations and optimise existing infrastructure.
He added that the ICRC would play a crucial role in attracting foreign investment, supporting collaboration, and regulating PPP service delivery to ensure effective implementation and growth in the power sector.
The ICRC, under a 6-point policy framework, is committed to stringent regulatory practices to safeguard investments and prevent delays in sector reforms.