The Nigerian government says the country needs $15 billion from private investors to improve the power sector.
According to a report by Bloomberg on Tuesday, the federal government made a pitch at a World Bank energy summit in Tanzania.
The government plans to attract investors into the sector by offering higher tariffs while providing fresh electricity subsidies to help shield households from the extra cost.
Also, the government said Nigerians will get a subsidised 50 kilowatt hours (kWh) per month, either through consumption or via vouchers.
The government added that it will help provide electricity to 86 million people currently without power.
In March 2024, Adebayo Adelabu, minister of power, had said there were plans to raise electricity from 4,000 megawatts (MW) to 6000MW within the next three to six months to improve power supply.
On April 3 last year, the National Electricity Regulatory Commission (NERC) approved an increase in the electricity tariff for customers in the Band A classification — from N66 to N225 per kWh.
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However, despite efforts to improve the sector, the country is still faced with vandalism and consistent grid collapse.
October 24, 2024, the Association of Power Generating Companies (APGC) said the national grid has collapsed 162 times in the last 11 years.
Also, on January 20, the Transmission Company of Nigeria (TCN) said over 18 transmission towers were vandalised between January 9 and 14 in Rivers, Abia, and Kano states.
Adelabu said there are plans to spend N8 billion by 2025 for the provision of technology to protect power infrastructure and eradicate vandalism across the country.
Nigerian Electricity Regulatory Commission,
Power sector
