Posted by Amarachi on Thu 14th Nov, 2024 - tori.ng
In the statement, Adelabu said that the government alone could not afford the 10 billion dollars, when there were other critical sectors in need of funding.
The Tinubu-led Federal government has said that to achieve 24-hour power supply, it needs $10 billion in private investment in the power sector.
The Minister of Power, Mr Adebayo Adelabu disclosed this when the Director-General of Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh paid him a courtesy visit.
The Acting Head of Media and Publicity of the ICRC, Mr Ifeanyi Nwoko, issued a statement on the visit on Wednesday, Nov. 13.
In the statement, Adelabu said that the government alone could not afford the 10 billion dollars, when there were other critical sectors in need of funding.
“Government cannot do it alone this is why we have to look for organised private sector funding, while still retaining government interest and ownership.
“That is where ICRC comes in. We need to do this in collaboration with the private sector and the best way is through concession,’’ he said.