Nnaji says stalled policies halted new power plant financing
Former Minister of Power, Barth Nnaji, has criticized Nigeria’s lack of progress in power sector investment, attributing it to policy inconsistency and weak infrastructure. Speaking at a conference in Lagos, Nnaji highlighted how the discontinuation of a government-backed financing mechanism halted major power projects. He emphasized that Nigeria has failed to finance any new major power plant in over a decade, despite having abundant natural gas resources. Nnaji also pointed out persistent issues with gas supply, infrastructure, and regulatory reforms.
TLDR
- Barth Nnaji blamed policy inconsistency and the abrupt end of a financing framework for stalled power sector investment.
- He said Nigeria has not financed any new major power plant in about 11 years.
- The partial risk guarantee instrument, set up with Ngozi Okonjo-Iweala, had attracted global capital before being discontinued.
- Nnaji stressed that Nigeria’s vast natural gas reserves remain underutilized due to lack of infrastructure and investment.
- He highlighted the Mambilla hydropower project as an example of failed execution and called for regulatory reforms to address sector challenges.
