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The Federal Government of Nigeria is seeking $15 billion in private investment to revamp its struggling power sector and bridge a $23 billion funding gap. Announced at the World Bank Energy Summit in Tanzania, the initiative aims to improve the country’s power crisis and provide electricity to 86 million Nigerians without access. The plan includes increasing renewable energy from 22% to 50% and doubling household grid connections within five years. A key feature of the initiative is a monthly subsidy of 50 kilowatt hours (kWh) for households, ensuring affordability across the board. However, the government will introduce a cost-reflective tariff system by 2027, albeit with protections for vulnerable households. The reforms aim to attract investors, boost power supply, and support economic growth. Despite abundant energy resources, Nigeria’s power generation remains low at 13,000 megawatts, leading to frequent blackouts.
Source: Nairametrics