Minister of Power, Prof. Chinedu Nebo says the Federal Government has approved $4.7 billion for the expansion of power transmission and increase electricity supply in the next five years.

Nebo said through a statement that government would continue to expand the national transmission grid to all parts of the country through additional resources leveraged from Development Finance Institutions (DFIs).

He added that government also intended that more innovative approaches would be adopted to fund the Transmission Company of Nigeria (TCN) by opening private sector investment window in future.

He said some institutions had been established to earn investors’ confidence by further enhancing the environment for doing business in the sector.

Nigeria is the largest economy in Africa with a population of over 174 million and currently produces less than 4,000 megawatts while South Africa, the second largest economy on the continent with a population of about 54 million produces 40,000 megawatts, which is still grossly inadequate.