The Federal Government has highlighted the need for an estimated N2 trillion (approximately $2.5 billion) capital investment to enhance power supply in Nigeria through the electricity distribution companies (DisCos). This revelation came from Olu Verheijen, an energy adviser to President Bola Tinubu, during a recent interview.
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The government emphasized that revitalizing the industry, struggling to meet the electricity demands of nearly 200 million people, requires substantial capital infusion from new investors. The existing DisCos face challenges of being over-leveraged and under-capitalized, significantly limiting their ability to invest in improving electricity distribution to households.
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Verheijen stressed the importance of implementing policies that facilitate the reorganization and recapitalization of these companies, emphasizing the necessity of bringing in new partners with fresh capital.
In his New Year broadcast, President Bola Tinubu expressed a commitment to enhancing electricity supply in Nigeria. Minister of Power, Adebayo Adelabu, has also declared readiness to support President Tinubu’s electricity turnaround agenda for Nigeria in the New Year and beyond.
This report is developing, more details will be shared on the SkiwordNews Telegram Channel as soon as possible.
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