The Federal Government on Tuesday projected that the Mission 300 Compact Electricity Development Plan would cost about $32.8 billion, with $15.5 billion being expected from the organized private sector (OPS)
The Minister of Power, Chief Adebayo Adelabu, gave these figures at the Mission 300 Stakeholders Engagement meeting in Abuja, where he reiterated the government’s commitment ensuring the power sector’s sustainable growth and bankability by prioritising the different reforms being undertaken in the industry.
Specifically, the Mission 300 is to provide electricity to 300 million un-served people in Africa.
A statement by the minister’s media aide, Bolaji Tunji, quoted him as saying that the government is making progress in its efforts to transition the sector to a fully cost-reflective regime, while introducing targeted subsidies to cushion the impact on economically vulnerable citizens.
- Advertisement -
Adelabu said: “Mobilising this level of financing will demand innovation, coordination, and a shared commitment. In this room today are many of the institutions and individuals who can help us shape the future of Nigeria’s energy sector.
“Let us take this opportunity to ask hard questions, identify the practical solutions, and develop actionable plans that will make universal access a reality not just in the policy space, but in the daily lives of our citizens by powering our hospitals, our schools, our industries, and our homes”, the minister added.
He listed government’s priorities in power sector reforms as including addressing the market liquidity issues and initiating required sector reforms as may be desirable for the sector’s improved performance.
Adelabu maintained that the Mission 300 stakeholders’ parley provided an opportunity for stakeholders in the sector to strategise and strengthen the collaboration needed to move from Nigeria Energy Compact to concrete results.
He appealed to development partners, the private sector, philanthropic actors, the public sector, and the civil society organizations (CSOs) to give full support to the government in its drive to achieve the Mission 300 Compact goals.
