{"id":345418,"date":"2024-11-14T06:31:32","date_gmt":"2024-11-14T05:31:32","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=345418"},"modified":"2024-11-14T06:31:32","modified_gmt":"2024-11-14T05:31:32","slug":"fg-seeks-10bn-private-investment-for-24-hour-power-supply","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/11\/14\/fg-seeks-10bn-private-investment-for-24-hour-power-supply\/","title":{"rendered":"FG Seeks $10bn Private Investment for 24-Hour Power Supply"},"content":{"rendered":"<ul class=\"marker:text-textOff list-disc pl-8\">\n<li><strong>Nigeria seeks $10 billion investment through Public-Private Partnerships over 5-10 years to achieve 24-hour power supply nationwide<\/strong><\/li>\n<li><strong>Government emphasizes collaboration with private sector, as public funds alone cannot meet the $10 billion investment requirement<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Federal Government of Nigeria has stated that it needs a $10 billion investment through Public-Private Partnerships (PPP) over the next five to ten years to achieve a <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/24\/yuletide-igp-orders-24-hour-patrols-nationwide\/\">24-hour<\/a> power supply nationwide.<\/p>\n<p>Minister of Power Adebayo Adelabu disclosed this during a courtesy visit from Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC).<\/p>\n<p>Adelabu emphasized that the government alone cannot afford the $10 billion investment due to other pressing funding needs.<\/p>\n<p>He highlighted the importance of engaging the private sector while maintaining government interests, stating, &#8220;The government cannot do it alone&#8230; we need to do this in collaboration with the private sector, and the best way is through concession.&#8221;<\/p>\n<p>Dr. Ewalefoh echoed this sentiment, noting that a PPP approach is crucial to enhancing Nigeria&#8217;s power sector, which is essential for the nation\u2019s economic development.<\/p>\n<p>He explained that addressing the sector&#8217;s challenges requires funding beyond what the government can provide alone. The ICRC aims to support private sector investment through its regulatory processes to meet the $10 billion target, ultimately improving regular electricity access.<\/p>\n<p>Ewalefoh praised the minister&#8217;s expertise in the sector and President Bola Tinubu&#8217;s choice to appoint him.<\/p>\n<p>He also mentioned the ICRC&#8217;s 6-point policy directive designed to streamline PPP processes, adding that the commission is committed to maintaining strict regulatory standards to ensure capable investment partners without delays.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria seeks $10 billion investment through Public-Private Partnerships over 5-10 years to achieve 24-hour power supply nationwide Government emphasizes collaboration with private sector, as public funds alone cannot meet the $10 billion investment requirement The Federal Government of Nigeria has stated that it needs a $10 billion investment through Public-Private Partnerships (PPP) over the next [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":314354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[84648,72194,371,63313],"class_list":["post-345418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-24-hour-power-supply","tag-adebayo-adelabu","tag-fg","tag-minister-of-power"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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