FGN Power Company Seeks $20 Billion for Electricity Expansion

The FGN Power Company is targeting $20 billion in new investments to expand Nigeria's electricity infrastructure and improve supply. Managing Director Kenny Anuwe announced this initiative, highlighting that the Federal Government has invested over N10 trillion in the sector since its privatization in 2013.

Minister of Power Chief Joseph Tegbe, represented by his Special Adviser Marrins Olajide, discussed plans for a pilot 24-hour energy zone in Lagos-Ogun and Abuja, which account for over 50 percent of national demand. This initiative is part of a four-pronged roadmap focusing on grid stabilization, sector liquidity, asset optimization, and expansion.

Tegbe noted that President Bola Ahmed Tinubu approved a N3.3 trillion plan to settle legacy debts owed to generation companies, with N1.23 trillion raised so far. Additionally, over 15,000MVA of transmission capacity has been added to the national grid since 2023.

Anuwe stated that the company seeks a $1 billion recapitalization, with the Africa Finance Corporation expected to match this amount.