DisCos must invest N2 trillion in capex to enhance Nigeria’s electricity supply – FG

By Hannah Nathan, Warri

According to the Federal Government, to increase the amount of power available to Nigerians, energy distribution businesses in the country would need to raise an estimated N2 trillion, or almost $2.5 billion.

In a recent interview, Olu Verheijen, President Bola Tinubu’s energy advisor, revealed this.

The administration added that fresh investments are required to revitalize the sector, which is barely able to provide electricity to 200 million people.

Due to their excessive leverage and low capitalization, the corporations have not been able to invest as much in providing families with electricity.

“We need to set policies that facilitate reorganization and recapitalization and bring in new partners with new capital,” he said.

During his New Year’s program, President Bola Tinubu promised to enhance Nigeria’s electricity supply.

Adebayo Adelabu, the minister of power, has stated that he is prepared to back President Bola Ahmed Tinubu’s plan to turn around Nigeria’s energy sector in the new year and beyond.