Nigeria's power sector faces 11-year investment drought due to policy inconsistency
via Punch Nigeria5 min read
Former Minister of Power, Prof. Barth Nnaji, stated that Nigeria has not financed any new major power plant in 11 years, attributing this to policy inconsistency, weak infrastructure development, and the discontinuation of a financing framework. Speaking at the Nigerian Association for Energy Economics 2026 conference, Nnaji explained that a government-backed partial risk guarantee instrument, designed to de-risk investments and attract global financing, was abruptly halted after a change in administration. This framework, which had successfully financed projects like the Azura Edo power plant, was established during his tenure with former Minister of Finance Dr. Ngozi Okonjo-Iweala. Nnaji emphasized that this decision sent a negative signal to investors, freezing large-scale financing in the sector. He also highlighted the need for Nigeria to leverage its vast natural gas reserves, predicting it will be the dominant energy source for the next two decades, despite current infrastructure deficits and gas supply shortages affecting existing assets like NLNG. Nnaji further pointed to the Mambilla hydropower project as an example of Nigeria's inability to execute strategic projects due to a lack of political will. Hassan Mahmud, President of the Nigerian Association for Energy Economics, added that Africa's energy challenge is one of execution, not resource scarcity, noting that Nigeria's installed generation capacity is significantly underutilized due to gas supply, infrastructu
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The Nigerian Safety Investigation Bureau NSIB has recovered the Cockpit Voice Recorder and Flight Data Recorder from a private aircraft, a Bombardier Challenger CL-601 with registration number N989BC, operated by VMO Aero Limited. The aircraft was involved in an incident on Wednesday when it landed on a roadway near Asaba, Delta State, during a flight from Lagos, and subsequently departed without regulatory approval. The NSIB activated its emergency response procedures and dispatched an investigative "Go Team" to the site. The recovered flight recorders will be analyzed to establish the circumstances and the aircraft鈥檚 performance. Investigators are also collecting operational, maintenance, and air traffic control records and coordinating with stakeholders. NSIB Director-General, Capt Alex Badeh Jr., stated that the swift recovery of the recorders is critical to determining the facts and expressed relief that there were no reported fatalities or serious injuries. The NSIB aims to determine the circumstances and contributing factors to issue safety recommendations and prevent recurrence, emphasizing that the investigation does not seek to apportion blame or determine liability. The bureau has appealed to the public for any relevant information, including photographs, videos, or CCTV footage.