Former Minister of Power, Barth Nnaji, has raised concerns over Nigeria’s electricity sector, saying no major power plant project has secured financing in the country since 2015.

Nnaji made the statement while speaking at an energy conference in Lagos, where he blamed the development on policy inconsistency, regulatory uncertainty, and weak investment incentives that have discouraged both local and foreign investors.

According to him, Nigeria has witnessed a slowdown in fresh capital inflows into the power sector despite growing demand for electricity from households, businesses, and industries. He noted that previous reforms introduced to attract private financing had lost momentum over the years.

The former minister explained that investor confidence declined after several support mechanisms designed to reduce risks for financiers were either weakened or discontinued.

He added that many potential investors now see Nigeria’s power market as challenging due to unresolved issues such as tariff disputes, gas supply shortages, and transmission constraints.

Nigeria continues to struggle with inadequate electricity generation, with millions of citizens and businesses relying on generators as an alternative source of power.

Experts say the country requires significant long-term investment in generation, transmission, and distribution infrastructure to meet demand.

Nnaji also called for urgent reforms to revive confidence in the sector, including clear policies, cost-reflective tariffs, stronger institutions, and improved infrastructure planning.

His remarks come as the Federal Government pushes efforts to expand national grid capacity and improve electricity supply, though progress has remained slow in many parts of the country.