June 13, 2024

Amid persistent poor power supply, substantial funding was allocated to Nigeria’s power sector. The Central Bank of Nigeria (CBN) initiated the NESI program, providing N65 billion in 2015 for sector privatization. Funding fluctuated, with 2017 witnessing a notable N523 billion investment, though 2018 data remained unavailable. Inconsistent power supply, coupled with rising fuel costs, elicited criticism. Despite federal investments, the sector generates only 4,000 MW. Stakeholders recently aimed to assess the power industry’s trajectory post-privatization. The CBN’s role in NESI is significant, promoting long-term growth and efficiency. Privatization in 2013 led to challenges due to various factors, per a 2015 CBN circular.

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