Nigeria needs $3.5b to generate 40,000MW by 2030 – FG

The Federal Government has revealed that Nigeria needs a $3.5 billion investment annually to generate 40,000MW of electricity by 2030.

The Minister of Power, Engr. Abubakar Aliyu disclosed this at the investor match-making event, which the Rural Electrification Agency (REA) organized in Abuja.

Speaking through the Ministry’s Director of Investment, Mrs. Eyo Babalola, he noted that the ministry is the fulcrum of the actions with which the government is transforming the industry from a public to a private sector-driven one.

The Minister said that with the recent legislation that has empowered State Governments to generate and distribute electricity, there are limitless investment opportunities in the sector.

The MD of REA Engr. Ahmad Salihijo informed the Rural Electrification Fund (REF) is undergoing some slight reforms to work with private investors for impact financing.

He explained the essence of the reform was to ensure there is a revolving fund that could suffice when there are non-viable areas.