The Nigerian government says the country requires about $15 billion from private investors to improve the power sector.
According to a report by Bloomberg, the federal government made a pitch at a World Bank energy summit in Tanzania.
It said the government plans to attract investors into the sector by offering higher tariffs while providing fresh electricity subsidies to help shield households from the extra cost.
Also, the government said Nigerians will get a subsidised 50 kilowatt hours (kWh) per month, either through consumption or via vouchers.
The government added that it will help provide electricity to 86 million people currently without power.
In March 2024, Adebayo Adelabu, minister of power, had said there were plans to raise electricity from 4,000 megawatts (MW) to 6000MW within the next three to six months to improve power supply.
However, despite efforts to improve the sector, the country is still faced with vandalism and consistent grid collapse.
The power grid collapsed 162 times in the last 11 years, according to the Association of Power Generating Companies (APGC).
