The Federal Government has said it needs $10 billion in private investment in the power sector, over the next five to 10 years, to achieve 24-hour power supply.

The Minister of Power, Mr Adebayo Adelabu disclosed this when the Director-General of Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh paid him a courtesy visit.

The Acting Head of Media and Publicity of the ICRC, Mr Ifeanyi Nwoko, issued a statement on the visit on Wednesday.

In the statement, Adelabu said that the government alone could not afford the 10 billion dollars, when there were other critical sectors in need of funding.

“Government cannot do it alone this is why we have to look for organised private sector funding, while still retaining government interest and ownership. 

“That is where ICRC comes in. We need to do this in collaboration with the private sector and the best way is through concession,’’ he said.

Private investment in power sector 

Earlier,  Ewalefoh said it had become imperative to seek private sector input through Public Private Partnership to improve the power sector.

He said in view of the importance of power to the economic development of the nation, optimising performance of existing infrastructure as well as funding new ones was imperative.