FG spends N10tn on power sector since privatisation

The Federal Government of Nigeria has invested over N10tn in the power sector since its privatisation in 2013, as disclosed by the Managing Director of FGN Power Company Limited, Kenny Anuwe, at the sixth annual conference of the Power Correspondents Association of Nigeria in Abuja. Despite the massive government spending, the industry continues to struggle with unstable electricity supply, inadequate generation, gas shortages, weak infrastructure, mounting debts, and poor investment.

Anuwe emphasized that while government funding has kept the industry afloat, it is unsustainable and that a combination of increased private sector participation, alternative financing models, simpler investment structures, predictable regulations, and commercially viable projects are needed to accelerate infrastructure development and achieve the goal of a $1tn economy by 2030.

Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.