The Federal Government says electricity distribution companies in Nigeria will need an estimated 2 trillion naira or about 2.5 billion dollars in capital to improve power supply to Nigerians.
An adviser to President Bola Tinubu on energy, Olu Verheijen disclosed this during a recent interview. The government also stated that new investors need to revive the industry that can barely supply power to nearly 200 million people.
According to him, the companies are over-leveraged and under-capitalized, which has limited their capacity to invest in distributing electricity to households.
Recall that President Bola Tinubu, in his New Year broadcast, had pledged to improve the electricity supply in Nigeria.
Meanwhile, Minister of Power, Adebayo Adelabu has expressed readiness to support President Bola Ahmed Tinubu’s electricity turnaround agenda for Nigeria this New Year and beyond.