Business
Nigeria To Spend $350bn On Power Generation In 15 Yrs
As the Federal Gov
ernment vets the procurement of one million electricity metres as part of its equity distribution scheme, the Minister of Power, Prof Chinedu Nebo has revealed that a total sum of $350 billion would be required to raise power generation to a minimum of 20,000 megawatts (MW) over a span of 15 years.
Addressing newsmen at an opendoor meeting in Abuja recently the minister said that subject to the volatility of the local currency, about $1.5 million would be needed to produce one megawatts of gas power plant.
The further stated that although the earlier target of 6000mw to be delivered by December was not achieved.
According to him, the chances of acing 12,500mw more than doubled last year’s estimate within a two-year timeline was feasible.
Nebo said the new meters will be circulated to end-customers by the electricity distributions companies (DISCOS). Explaining why fitful power outages and proper payment leakages remain a major challenge for the ministry to overcome inspite of the huge amount of Sunken funds, he cited causes of electricity theft as a prime reason.
He added that the private sector inherited a customer base that showed that more than 50 per cent do not have meters.
“Nigeria has the highest per capita electricity theft in the world.
“We have thieves who steal electricity, they maybe very well dressed as responsible citizens but they are thieves because they are not paying their electricity bills”, he said.
He explained that president Goodluck Jonathan approved the funding to give over one million meters to Nigerians to reduce the gap and they allow the Discos to fix the time that all Nigerians will get meters.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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