Nigeria needs to raise annual power sector investment tenfold to fix its electricity crisis, the Presidency says, citing a roughly $10 billion yearly financing gap.
Special Adviser on Power Infrastructure Sadiq Wanka told an energy forum in Lagos that current investment from industry licensees remains below $1 billion yearly, leaving critical infrastructure projects underfunded. He cited Nigeria’s Integrated Resource Plan, which estimates $9–12 billion is needed annually between 2025 and 2045 for generation and transmission upgrades.
“Today, we invest roughly $1 billion annually across generation, transmission and distribution. If we are serious about achieving universal electricity access and providing sufficient power for industries, we have to increase that investment almost ten-fold,” he said.
Wanka noted Nigeria’s electricity consumption per capita is roughly 13.7 times lower than India’s, with transmission infrastructure about nine times smaller. He said closing the gap requires stronger policy implementation, regulatory certainty, and more aggressive efforts to attract private capital into the sector.
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