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FG targets $10bn power investment with private sector collaboration

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1731488828 FG targets 10bn power investment with private sector collaboration

FG targets $10bn power – This initiative is seen…

This initiative is seen as a critical step toward revitalising Nigeria’s power sector and improving the nation’s electricity supply.

The Nigerian government is set to partner with the private sector to bridge the $10 billion funding gap needed to overhaul the country’s power sector over the next five to ten years.

The announcement was made following a meeting between the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, and the Minister of Power, Chief Adebayo A. Adelabu, in Abuja on Tuesday, November 12.

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Dr. Ewalefoh emphasised the crucial role of private sector involvement in the revitalisation of the power sector.

“The investment required in power is very huge and government cannot fund it alone, so we have to leverage on the financing capacity of the private sector. That is why the ICRC was set up to regulate this leverage,” he said.

READ ALSO: FCT Consumers protest prepaid meter price hike amid economic hardship

With Nigeria’s electricity infrastructure in dire need of upgrades, the government has identified Public-Private Partnerships (PPP) as a key mechanism to secure the necessary investments and expertise.

The Minister of Power echoed this sentiment, explaining that achieving 24-hour power supply in the country requires substantial investment, which government alone cannot provide.

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“For us to achieve 24 hours power supply across Nigeria in the next 5 to 10 years, there is a minimum funding requirement of about $10 billion. The government cannot afford that, when there are other critical sectors in need of funding. We need to do this in collaboration with the private sector and the best way is through concession,” Adelabu noted.

Both officials agreed that optimising the performance of existing infrastructure and financing new projects will require close collaboration between public and private entities.

The ICRC, which regulates PPP initiatives, is committed to ensuring that the processes for attracting private sector investment are streamlined and effective.

READ ALSO: FG begins audit of PPP projects nationwide

As Dr. Ewalefoh outlined, the commission’s six-point policy direction aims to accelerate project delivery and safeguard against delays caused by ill-prepared companies.

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In response to concerns about the integrity of the process, Dr. Ewalefoh reassured that the ICRC would maintain stringent regulatory measures to prevent defaulting bidders.

“We are insisting on inserting conditions precedent to all PPP agreements so that any preferred bidder that defaults will have their agreement automatically nullified,” he stated.

This initiative is seen as a critical step toward revitalising Nigeria’s power sector and improving the nation’s electricity supply.

With the backing of the private sector, the government hopes to attract foreign direct investment, boost economic growth, and ultimately provide Nigerians with regular, reliable power.
#targets #10bn #power #investment #private #sector #collaboration

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Bandits abduct Zamfara LG vice chairman and three others

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Bandits have abducted the Vice Chairman of Bukkuyum Local Government Area of Zamfara State, Hon. Bala Muhammad Majidadi. Majidadi was abducted along with three other person on Monday evening, February 24, 2025. The incident occurred while the victims were traveling from Bukkuyum to Gusau, the state capital. Bukkuyum LG is one of the areas in Zamfara State frequently targeted by bandits, alongside Shinkafi, Maradun, Zurmi, Anka, Talatar Mafara and Tsafe LGAs. The post Bandits abduct Zamfara LG vice chairman and three others appeared first on Linda Ikeji Blog.


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PETER ODILI: Statesman, humanitarian

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Peter Odili

Born on August 15, 1948, in Ndoni, Rivers State, Dr Peter Odili, received his early education in St. Michael’s School Oguta, Sacred Heart School Onitsha, and Christ the King College (CKC), Onitsha between 1953 and 1967. He was Senior Prefect and College Captain in CKC Onitsha in 1967. While at CKC, he excelled not only in academics, but also in sports- representing the school in soccer, high jump, long jump, and lawn tennis.

After the Nigerian Civil War, he proceeded to the University of Nigeria Nsukka and Enugu Campus in 1970, and served as Speaker of the Medical Students Association of the University in 1972 and President, League of Human Affiliates (Students Humanitarian Association) between 1972 and 1974. He graduated with a Bachelor of Medicine and Bachelor of Surgery (MBBS) degree in 1977. In 1985 he attained a degree in Tropical Medicine and Hygiene from the University of Liverpool, United Kingdom.

He commenced his medical practice first as a House Officer with the University of Benin Teaching Hospital, Benin City, and Senior House Officer between 1977 and 1979. After his stint as a Senior House Officer, he relocated to Port Harcourt with his wife and infant daughter and secured a job as Staff Physician at the Medical Consultation Centre in Port Harcourt.

Two years later, he set up his private hospital – PAMO Clinics and served first as Resident Clinician, and subsequently as Consultant in Tropical Medicine and Venereology, Clinical Director and then Medical Director following its rapid expansion to a hospital. In 1994, he ventured into agriculture with the setting up of RockMay Farms and Industries Ltd.

Between 1981 and 1982, he served as Secretary of the Nigerian Medical association, Rivers State Branch; and Secretary, Association of Private Medical Practitioners Association, Rivers State between 1985 and 1987. Other roles he played, included Member, Medical Advisory Council Rivers State Ministry of Health; President University of Nigeria Alumni Association, Port Harcourt and National Vice President, University of Nigeria Alumni Association between 1985 and 1988.

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He was appointed to the Board of Directors of Michelin Nigeria Limited and served on the board for three years, between 1987 and 1989. He was elected as a member and leader of the Rivers State delegates at the of the Constituent Assembly of 1988 – 1989. This heralded his foray into active politics, and in 1992 he was elected Deputy Governor of Old Rivers State; a position in which he served until the coup of November 1993. He was once again elected as Delegate and Leader of the Rivers State Delegates in the National Constitutional Conference of 1994 1995, and served as the Chairman of the Committee on Creation of States and Local Government Areas at the Conference.

In furtherance of his commitment to serve humanity, he played active politics and served in leadership positions as National Vice Chairman (South-South), Democratic Party of Nigeria (DPN); Founder and Leader, Rivers Front Movement; and National Chairman, People’s Democratic Party of Nigeria (PDP) Fund-Raising Committee. He chaired the Presidential Committee on Housing and Urban Renewal in 2001 and was President of the Swimming Federation of Nigeria between 2001 and 2005.

He served as the 13th Executive Governor of Rivers State between 1999 and 2007, and in 2014 was a delegate at the National Conference. A statesman, humanitarian and avid sportsman, his hobbies and interests include reading, writing, sports and music. Odili once contested for the presidency on the platform of the Peoples Democratic Party.

The post PETER ODILI: Statesman, humanitarian appeared first on Vanguard News.

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Visa-on-arrival: PEBEC assures investors amid policy uncertainty

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The Director General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu, has reassured foreign investors that concerns over the Nigerian government’s decision to cancel the Visa-On-Arrival (VOA) policy will be addressed.

The Honourable Minister of Interior, Dr. Olubunmi Tunji-Ojo, announced over the weekend that the VOA policy would be discontinued, citing security risks and sustainability challenges.

This move has raised concerns among business stakeholders who rely on the initiative to access Nigeria without prior visa arrangements.

READ ALSO: NASS react as Interior Minister Tunji-Ojo proposes ₦6bn for 2025

In a statement on Monday, February 24, Princess Audu acknowledged the anxiety among foreign investors but assured that PEBEC is actively engaging with the government to find a workable solution.

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“We understand the anxiety this has caused among the foreign community and would like to assure all stakeholders that PEBEC is actively engaging with the Minister of Interior to find a solution,” Audu stated.

She emphasised that the VOA policy has played a crucial role in promoting trade, tourism, and investment in Nigeria, and expressed optimism that a revised system could balance security concerns with business interests.

READ ALSO: Nigerian visa applications to go fully online before March 1

“Our primary objective is to strengthen security around the VOA process while maintaining the policy, which has been instrumental in attracting investments,” she added.

The Minister of Interior disclosed that the VOA policy would be replaced with landing and exit cards, requiring visitors to pre-fill forms before entering and leaving Nigeria.

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Despite the uncertainty, PEBEC has urged the foreign business community to remain confident in Nigeria’s commitment to fostering a business-friendly environment.


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