The Federal Government of Nigeria has called for increased private sector investment in the country’s energy sector at the Sustainable Energy for All (SEforALL) Forum in Barbados.
According to an official government statement on its X (formerly Twitter) account, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the need for strategic investments and greater private participation to achieve universal energy access. The Minister of Power, Adebayo Adelabu, also attended the forum, reaffirming Nigeria’s commitment to energy sector reforms.
“The government does not have the balance sheet to fund this alone. Our reforms are designed to unlock private investment, improve market dynamics, and accelerate the transition to cost-reflective tariffs,” the statement read.
Nigeria is a beneficiary of the World Bank and African Development Bank’s Mission 300, an initiative aimed at providing electricity to 300 million Africans. This program seeks to expand renewable energy infrastructure and improve access for underserved communities.
The Importance of Private Investment
The SEforALL Forum brought together global policymakers, development partners, and energy experts to discuss solutions for an inclusive energy transition. SEforALL has previously highlighted that the high cost of capital is a significant barrier to renewable energy expansion in developing nations.
Private investment is crucial for expanding Nigeria’s energy infrastructure, providing reliable electricity, and driving economic growth. The Universal Energy Facility (UEF), launched in February 2023, is currently funding 10 renewable energy companies in Nigeria to develop solar-based projects.
Source: nairametrics.com
