FG targets $15.5bn private sector investment in power sector

Minister of Power, Chief Adebayo Adelabu, has disclosed that $15.5 billion of the $32.8 billion required to achieve the Mission 300 Compact will be sourced from the private sector.

He disclosed this at the Mission 300 Stakeholders Engagement meeting held at the Transcorp Hilton Hotel in Abuja, according to a statement issued by the Ministry of Power on Tuesday.

The Mission 300 initiative aims to provide electricity to 300 million unserved people across Africa. Adelabu noted that the Federal Government remains committed to driving reforms that will place the power sector on a sustainable and bankable path, critical to Nigeria’s economic growth and development.

The minister said the stakeholders’ meeting was a strategic platform to align priorities and forge partnerships, calling on development partners, private sector investors, philanthropists, government agencies, and civil society organisations to support the ambitious energy access goal.

“This engagement is a vital step as we move from the Nigeria Energy Compact to tangible outcomes,” he said.