The Federal Government has disclosed plans to crystallise N1.1bn private sector funding for the power sector.
The Managing Director of Rural Electrification Agency, Abba Aliyu, disclosed this on Wednesday at the ongoing Nigeria Energy Summit, which was held in Lagos and organised by Informa Markets.
The summit’s theme was “Breaking Barriers to the New Energy Era: Clean, Reliable and Sustainable.”
He said, “In as much as we know there are lots of challenges in terms of the electricity aspect, the Federal Government is committing a lot of resources and a lot of strategies to be able to address this electricity gap.
“Apart from the $750m that the President’s government has already provided, we expect that the $750m would crystallise N1.1bn private sector funding as a co-financing requirement because we do not finance the entire infrastructure cost.
“We provide grants and subsidies as a way of catalysing this private sector funding, and we are also working towards catalysing N100bn as local financing for the developers, and this process has already started.”
