Nigeria must demonstrate urgency and purposefulness in executing power sector reforms to deliver reliable and affordable electricity to citizens, the Chairman of the Nigeria Economic Summit Group (NESG), Olaniyi Yusuf, has said.

Speaking during a Channels Tv programme, Yusuf highlighted the stark contrast between Nigeria’s slow implementation of the Siemens Power Project and Egypt’s rapid execution of a similar agreement, urging the Federal Government to adopt a more decisive approach to infrastructure development.

The Siemens Power Project, signed in 2019 to increase Nigeria’s power generation capacity from 2,500-7,000 megawatts to 25,000 megawatts, only completed phase one in early 2025, with phase two commencing in August that year.

In contrast, Egypt signed an agreement with Siemens in 2015 to generate 16,000 megawatts and delivered the project within 18 months.

“The issue of power, if we do not realise how important it was, the last two days have just been a stark reminder,” Yusuf said, referencing recent national grid collapses that have plagued the country.

He advocated a diversified energy mix, including hydro, solar, renewable sources and gas, strategically deployed across different regions: solar in the north, hydro in the middle belt and gas in the south.

Yusuf also called for the decentralisation of Nigeria’s grid structure, arguing that the nation cannot afford to rely on a single central transmission grid. He proposed regional grids and a self-connected, self-healing super grid to ensure power is used closest to where it is generated.

The NESG chairman identified liquidity issues, financial crisis, and appropriate pricing as critical challenges requiring urgent attention, adding that solutions are clear but require the same level of urgency the government has demonstrated with projects like the coastal road.

Addressing concerns about the federal government’s capacity to fund infrastructure, Yusuf stressed that the government alone cannot meet Nigeria’s estimated yearly infrastructure need of $100 billion, especially with the entire federal budget standing at about $42 billion.

He emphasised the need for greater private sector involvement through public-private partnerships (PPP), calling for an “all-of-government approach” to create an enabling environment that incentivises both foreign and domestic investors.

Yusuf pointed to the telecoms sector as a successful model of private sector-led infrastructure development but noted persistent challenges. He revealed that MTN experienced over 9,200 fibre optic cable cuts in 2025 alone, highlighting the need to designate such infrastructure as critical national assets.

He also criticised the burden of dealing with over 17 federal government agencies in the telecoms sector, arguing that such bureaucratic hurdles discourage rational investors and increase the cost of doing business.

The chairman called for mobilising domestic savings from the insurance and pension sectors to support infrastructure development, while addressing concerns around the sanctity of contracts, dispute resolution mechanisms, and community disruptions that often hinder investment.

He further stressed the need for better coordination between federal and sub-national governments on land and community-related issues.