The Federal Government has called for increased private investment in the energy sector to drive universal access at the Sustainable Energy for All Global Forum in Barbados.

This was disclosed in a statement on the government’s official X (formerly Twitter) handle following an event themed “ SEforALL Forum” on Friday.

The Finance Minister and Coordinating Minister of the Economy, Wale Edun, stressed the need for strategic investment and greater private sector involvement to achieve universal energy access.

“Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, joined world leaders in Bridgetown for the Sustainable Energy for All (SEforALL) Forum, a high-level gathering focused on advancing global energy access and sustainability.

“The Minister of Power, Adebayo Adelabu, was also in attendance, reinforcing the country’s commitment to energy sector reforms.

“The government does not have the balance sheet to fund this alone. Our reforms are designed to unlock private investment, improve market dynamics, and accelerate the transition to cost-reflective tariffs,” the statement reads in part.

Nigeria is among the beneficiaries of Mission 300, a joint initiative by the World Bank and the African Development Bank aimed at providing electricity to 300 million Africans. The program focuses on expanding renewable energy infrastructure and improving access in underserved communities.

At the SEforALL Global Forum in Barbados, policymakers, development partners, and energy experts convened to explore solutions for a fair and inclusive energy transition worldwide.

In July 2023, SEforALL noted that the high cost of capital slows the adoption of renewable energy in developing countries.
Private investment is crucial for accelerating and expanding energy infrastructure.

Increased funding from the private sector will provide millions with reliable electricity, driving economic growth, improving education and healthcare, and reducing poverty.

In February 2023, SEforALL launched the Universal Energy Facility in Nigeria to support solar-based projects. The program is funding 10 renewable energy companies to develop these projects nationwide over 12 months.