Kenny Anuwe urges private investment in Nigeria's power sector

The Federal Government has invested more than N10tn in Nigeria’s electricity sector since its privatisation in 2013, yet the expected reliable power supply has not materialised. Kenny Anuwe, Managing Director of FGN Power Company Limited, stated that while government spending has kept the industry afloat, it is insufficient to resolve the electricity challenges.

Speaking at the sixth annual conference of the Power Correspondents Association of Nigeria in Abuja, Anuwe emphasized the need for increased private sector participation and alternative financing models to enhance infrastructure development. He pointed out that government funding accounts for over 95 percent of new infrastructure investment, which contradicts the objectives of privatisation.

Anuwe called for simpler investment structures and predictable regulations to attract private capital, with FGN Power Company targeting an investment structure that could draw $18bn from financiers. The company also plans to capitalise with at least $1bn, with the Africa Finance Corporation expected to match this amount.