The Federal Government has reiterated its commitment to setting the power sector on the path of sustainability and bankability by prioritising the different reforms being undertaken in the industry.
This, it said, is critical to the economic growth and development of the nation.
The Minister of Power, Chief Adebayo Adelabu, disclosed this on Tuesday at the Mission 300 Stakeholders Engagement meeting in Abuja, where he announced that the estimated investment required for the Mission 300 Compact is $32.8bn, with $15.5bn expected from the private sector.
The Mission is to provide electricity to 300 million unserved people in Africa. Adelabu, however, noted that the government is on course to develop a plan to transition the sector to a fully cost-reflective regime, while introducing targeted subsidies to cushion the impact on economically vulnerable citizens.
A statement by the minister’s media aide, Bolaji Tunji, said the stakeholders meeting provided an opportunity for them to align, strategise, and to build the partnerships needed to move from Nigeria Energy Compact, to concrete results, as he called on development partners, the private sector, philanthropic actors, the public sector, and the civil society organizations to rally around this mission.
