Nigeria’s drive to boost electricity generation capacity to 30,000 megawatts (MW) by 2030 hinges on a major push for $2.2 billion in private sector investment, aimed at revitalizing the country’s aging and overstretched transmission infrastructure. This urgent call for funding took centre stage at a recent Power Sector Summit convened by the House of Representatives Committee on Privatisation and Commercialisation.
Chiedu Ugbo, former Managing Director of the Niger Delta Power Holding Company (NDPHC), advocated for the adoption of an Independent Transmission Project (ITP) model through Public-Private Partnerships (PPP). He highlighted the inefficiencies of the current government-monopolized transmission system, contrasting it with the private-sector-driven reforms already underway in generation and distribution.
Citing successful international benchmarks from Brazil and India, Ugbo pointed to the Electricity Act of 2023 as a game changer now permitting licensed private transmission operators, thus creating a more attractive and structured investment landscape.
Despite a current national output of just 4,500MW, Nigeria aims to significantly upscale capacity. Achieving this requires more than aspiration it demands regulatory clarity, risk mitigation, bankable frameworks, and decisive political commitment. The Transmission Company of Nigeria (TCN) alone requires the full $2.2 billion to execute 149 high-priority projects.
Government stakeholders affirm that incentives, sectoral reforms, and investor trust-building are being embedded in a comprehensive roadmap to revitalize the power industry. Analysts maintain that stable electricity is foundational for economic transformation powering industries, creating jobs, and attracting investments in both digital and manufacturing sectors.
As Nigeria stands at a crossroads, this moment presents a historic opportunity to turn the power sector into a catalyst for inclusive growth but only if private capital rises to meet the challenge.
