At the SEforALL Forum in Barbados, the Nigerian government called for increased private investment in the country’s energy sector, emphasising the need for strategic involvement from the private sector to achieve universal energy access. The announcement was made through a statement shared on the government’s official X (formerly Twitter) page, following the forum’s proceedings on Friday.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted the importance of private sector participation in the nation’s energy reforms. He stressed that the government alone does not have the resources to fund these reforms and that unlocking private investment is crucial to improving market dynamics and advancing the transition to cost-reflective tariffs. Adebayo Adelabu, Nigeria’s Minister of Power, also attended the forum, further emphasising the country’s commitment to energy sector reforms.
The statement outlined that Nigeria is one of the recipients of Mission 300, an initiative by the World Bank and the African Development Bank aimed at providing electricity to 300 million Africans. This initiative focuses on expanding renewable energy infrastructure and improving access for underserved communities. The SEforALL Forum gathered policymakers, development partners, and energy experts to discuss solutions for a fair and inclusive energy transition worldwide.
SEforALL’s report in July 2023 highlighted that the high cost of capital is a significant barrier to the adoption of renewable energy in developing countries. Private investment, therefore, plays a vital role in accelerating energy infrastructure development and providing reliable electricity to millions of people, fostering economic growth, improving education, healthcare, and alleviating poverty.
In February 2023, SEforALL launched the Universal Energy Facility (UEF) in Nigeria, a programme funding 10 renewable energy companies to develop solar-based projects across the country over the next 12 months. A steady and affordable power supply is essential for Nigeria’s industrialisation and economic diversification, reducing its reliance on oil and gas revenues. In May 2023, SEforALL advised Nigeria’s incoming governors to prioritise renewable energy, clean cooking solutions, and electric buses as part of their state-level energy transition strategies.
