Nigeria needs $3.5b investment annually to generate 40,000Mw

Nigeria needs a $3.5 billion investment annually to generate 40,000MW of electricity by 2030, the Minister of Power, Abubakar Aliyu, has said. He spoke yesterday in Abuja at the investor match-making event for Solar Power Naija Programme meant to provide the opportunity for potential investors to pitch their financial offerings to developers.
He said with the recent legislation that has empowered state governments to generate and distribute electricity, there are limitless investment opportunities in the sector. “I am here to tell you that the power sector is strategic to Nigeria’s Industrialization.
“And it is estimated that the country will require investments of at least $3.5b per annum in power generation in order to achieve the target of 40,000MW by the year 2030.
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