The Minister of Power, Adebayo Adelabu, has said that Nigeria needs to invest at least $10 billion annually into the sector to achieve a steady power supply within the next 20 years.
Adelabu made this disclosure while speaking at the commissioning of a 2.5-megawatt solar hybrid power plant in Kaduna State on Friday.
Decrying the prolonged underfunding of the power sector in terms of infrastructure, upgrade and maintenance, the minister said, there are underlying issues which require huge investments in the industry.
He said that the power sector has suffered an infrastructural deficit for more than 60 years and needs a total turnaround to deliver on the needs of consumers.
“For us to achieve functional, reliable, and stable electricity in Nigeria, we need at least $10 billion annually for the next 20 years.
“But there is some foundational bottleneck that we experienced in the past that needs to be fixed for the spending of this money to have meaning,” Adelabu stated.
He commended President Bola Tinubu for his willingness to ensure the passage of the bill, which has decentralised the power sector.
Adelabu said that investing in the right aspects of the sector would help revive the national grid and free the nation of the incessant epileptic power supply.
