The Federal Government has highlighted the need for a $10 billion Public-Private Partnership investment in the power sector over the next five to ten years to ensure round-the-clock electricity supply. Minister of Power, Adebayo Adelabu, made this known during a meeting with Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC).
Adelabu emphasized that government funding alone cannot meet the required investment due to competing priorities in other critical sectors. He urged private sector involvement through concessions while maintaining government ownership.
Ewalefoh stated that addressing the power sector’s challenges necessitates collaboration with private entities. He underscored the sector’s vital role in national economic growth and stressed the importance of enhancing existing infrastructure while securing additional funding. Through its regulatory framework, ICRC aims to facilitate private investment to bridge the $10 billion funding gap and boost foreign direct investment.
Ewalefoh also praised Minister Adelabu’s expertise and noted that the commission, following President Bola Tinubu’s directive, issued a six-point policy to expedite the Public-Private Partnership process. He reassured that the ICRC remains committed to stringent oversight to prevent delays or liabilities from underqualified companies.
