The Federal Government has announced an ambitious plan to revamp the country’s struggling power sector, targeting $15 billion in private investments to bridge a $23 billion funding gap, according to Bloomberg.
The initiative revealed at the ongoing World Bank Energy Summit in Tanzania, aims to tackle the country’s electricity crisis and provide power to 86 million Nigerians currently living without access to electricity.
As part of the plan, households will receive a subsidized 50 kilowatt hours (kWh) of electricity monthly, either through direct consumption or vouchers.
This subsidy is a critical component of the government’s broader strategy to make electricity more accessible and affordable for millions of Nigerians.
Despite being Africa’s most populous nation with abundant natural gas reserves, significant hydro potential, and plentiful sunlight, Nigeria has only 13,000 megawatts of installed generation capacity.
This low output has resulted in frequent blackouts and…
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