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ARTICLE · 18 JUNE 2020

Power Points: Project Finance Issues In Developing Power Projects In Nigeria

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Despite obvious challenges, Nigeria continues to aspire to be Africa's premier investment destination. In 2010, the Federal Government (FG)'s Roadmap for Power Sector Reform (RPSR)...

NigeriaFinance and Banking
Daniel Odupe
Daniel Odupe
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Introduction

Despite obvious challenges, Nigeria continues to aspire to be Africa's premier investment destination. In 2010, the Federal Government (FG)'s Roadmap for Power Sector Reform (RPSR)1 declared that at least US$3.5 billion annual investment is required in power generating capacity alone, in order to meet Nigeria's Vision 20:2020 target of 40,000 megawatts (MW). Notwithstanding that similarly large investments are necessary in other parts of the value chain, the sum total of investment in power generation over the years has, at best, been paltry. Unsurprisingly, Nigeria is currently very far off its target, having an installed capacity of about 12,522 MW and actual generation of less than 6,000 MW.2

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