The Federal Government has called for private investment in Nigeria’s energy sector at the SEforALL Forum in Barbados.
This announcement was contained in a statement on the government’s official X (formerly Twitter) page following an event themed “Sustainable Energy for All (SEforALL) Forum” on Friday.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated the need for strategic investment and greater private sector participation to achieve universal energy access.
“Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, joined world leaders in Bridgetown for the Sustainable Energy for All (SEforALL) Forum, a high-level gathering focused on advancing global energy access and sustainability.
“The Minister of Power, Adebayo Adelabu, was also in attendance, reinforcing the country’s commitment to energy sector reforms.
“The government does not have the balance sheet to fund this alone. Our reforms are designed to unlock private investment, improve market dynamics, and accelerate the transition to cost-reflective tariffs,” the statement reads in part.
Nigeria is one of the beneficiaries of Mission 300, an initiative by the World Bank and the African Development Bank. The program aims to provide electricity to 300 million Africans. This initiative seeks to expand renewable energy infrastructure and improve access to underserved communities.
The SEforALL forum brought together policymakers, development partners, and energy experts to find solutions that support a fair and inclusive energy transition across the world.
What you should know
In July 2023, Sustainable Energy for All (SEForAll) highlighted that the high cost of capital makes renewable energy solutions in developing countries, further limiting the pace and scale of their uptake.
- Private investment is key to speeding up and expanding energy infrastructure. More private funding will help millions of people get reliable electricity, which is essential for economic growth, better education, improved healthcare, and reducing poverty.
In February 2023, SEforALL launched the Universal Energy Facility (UEF) in Nigeria. This program is funding 10 renewable energy companies to develop solar-based projects across the country over the next 12 months.
- A steady and affordable power supply is important for Nigeria’s industrialization and economic diversification, reducing the country’s heavy dependence on oil and gas revenues.
In May 2023, SEforALL advised Nigeria’s incoming governors to focus on renewable energy, clean cooking solutions, and electric buses (e-buses) for mass transportation as part of their state-level energy transition plans.
