Nigeria is seeking cumulative investments of $24.5 billion to raise electricity capacity to 30,000 megawatts (MW) before 2030.

The government called on the private sector to invest nearly $3.5 billion yearly to meet the set target, The Guardian newspaper reported.

The report cited the Minister of Power Aliyu Abubakar as saying that government recently signed a bill empowering state governments to generate, transmit and distribute electricity to boost investment.

Nigeria privatised the electricity sector in 2013, but the country’s actual generation remains around 4,000 MW.

(Writing by P Deol; Editing by Anoop Menon)