How can Nigeria secure $15bn investment to revive power sector?

Nigeria aims to attract $15 billion in private investments to help bridge a $23 billion funding gap in the power sector. Dr. Akinwumi Adesina, President of the African Development Bank, has announced a commitment of $40 billion from the AfDB and the World Bank Group to the Mission 300 initiative, aiming to provide electricity to 300 million Africans by 2030. George Etomi, Founder of George Etomi and Partners, shared insights on the current state of Nigeria's power sector during an exclusive interview with CNBC Africa. Etomi highlighted the importance of creating an enabling environment to attract investments, emphasizing the need to learn from past experiences in the sector. Reflecting on the privatization efforts in 2013, Etomi pointed out the success and challenges faced by investors, underscoring the significance of market-driven acquisitions for sector maturity. He noted that despite Nigeria's vast potential, with a population of 200 million and only 5,000 megawatts of power, various factors hinder progress. Building on the need for stability in legal and regulatory frameworks, Etomi stressed the importance of policy consistency and investor protection. He highlighted the disconnect between initial promises and actual outcomes in the power sector, urging for transparent dialogue and consumer trust. Addressing the liquidity crisis in the sector, Etomi emphasized the balance between cost-reflective tariffs and reliable energy supply. He acknowledged the role of key stakeholders, including the AFDB and other financial institutions, in addressing the sector's challenges and supporting sustainable energy development in Africa. Etomi expressed optimism in the government's evolving policies and emphasized the need for collaborative efforts to drive growth and innovation in Nigeria's power sector.