The Nigerian government has urged private sector investment to drive the country’s energy sector reforms, emphasizing that public funds alone cannot achieve universal electricity access.
At the Sustainable Energy for All (SEforALL) Forum in Barbados, Finance Minister Wale Edun highlighted the need for strategic investments and private sector participation to accelerate energy infrastructure development. Power Minister Adebayo Adelabu also attended the event, reinforcing Nigeria’s commitment to energy sector reforms.
“Our reforms are designed to unlock private investment, improve market dynamics, and accelerate the transition to cost-reflective tariffs,” the government stated on its official X page.
Nigeria is a beneficiary of Mission 300, a World Bank and African Development Bank initiative aiming to provide electricity to 300 million Africans. The program focuses on expanding renewable energy infrastructure, particularly in underserved communities.
The SEforALL forum brought together policymakers, development partners, and energy experts to discuss solutions for a fair and inclusive energy transition. A major challenge highlighted was the high cost of capital, which has slowed the adoption of renewable energy solutions in developing countries.
To address this, SEforALL launched the Universal Energy Facility (UEF) in Nigeria in February 2023, funding 10 renewable energy companies to develop solar-based projects over 12 months. The initiative aligns with previous recommendations for Nigerian state governments to prioritize renewable energy, clean cooking solutions, and electric buses for mass transportation.
A stable and affordable power supply is crucial for Nigeria’s industrialization and economic diversification, reducing the country’s reliance on oil and gas revenues. Increased private investment could provide millions with reliable electricity, boosting economic growth, education, healthcare, and poverty reduction.
