The Nigerian Federal Government has emphasized that electricity distribution companies require an estimated capital of N2 trillion, approximately $2.5 billion, to enhance the provision of electricity across the nation.
Olu Verheijen, an energy adviser to President Bola Tinubu, highlighted this necessity in a recent interview, emphasizing the urgent need for investment to revitalize an industry struggling to meet the power needs of nearly 200 million Nigerians.
The existing electricity firms face significant challenges due to excessive borrowing and insufficient capitalization, limiting their ability to effectively invest in expanding electricity distribution to households.
“We need to set policies that facilitate reorganization and recapitalization and bring in new partners with new capital,” he said.
President Bola Tinubu reaffirmed this commitment to enhance electricity supply during his New Year broadcast, setting the stage for a focused approach toward improving this vital aspect of Nigerian infrastructure.
Adebayo Adelabu, the Minister of Power, has pledged support for President Bola Ahmed Tinubu’s ambitious agenda to transform Nigeria’s electricity landscape in the coming years.
