The Federal Government of Nigeria on Thursday unveiled the plan of targeting $23 billion investment that would upgrade energy access from the current 4% to 9% annually.
In this regard, the government said the private sector is mandated to pay the total sum of $15.5 billion for its energy access programme, titled, "the National Energy Compact."
The programme which is being spear-headed by the Minister of Power, Chief Adebayo Adelabu, will close the energy gap, boost access to clean cooking solutions from 22% to 25% annually, expand renewable energy’s share in the power generation mix from 22% to 50%, and mobilize $15.5 billion in private investment to drive last-mile electrification.
This was revealed in a statement issued by the spokesman for the Minister of Power, Bolaji Tunji, stating that the programme, spearheaded by Minister Adebayo Adelabu, is designed to drive sector-wide transformation.
Tunji noted that the initiative is a direct outcome of the recently concluded Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania.
The two-day summit, which brought together African leaders, business executives, and development partners, was hosted by the Government of Tanzania, the African Union, the African Development Bank Group, and the World Bank Group. It aims to accelerate electricity access for 300 million Africans by 2030.
Tunji explained, “Through the energy access programme, tagged the National Energy Compact, the government aims to increase electricity access from 4 per cent to 9 per cent annually, boost access to clean cooking solutions from 22 per cent to 25 per cent annually, expand renewable energy’s share in the power generation mix from 22 per cent to 50 per cent, and mobilise $15.5bn in private investment to drive last-mile electrification.”
Adelabu said unveiling the programme will expand electricity access, increase renewable energy adoption, and improve clean cooking solutions for millions of Nigerians.
In his words, “With 150 million Nigerians already electrified, Nigeria remains committed to ensuring universal access to affordable and sustainable energy by 2030.”
Adelabu acknowledged that while the roadmap for expansion is clear, challenges such as vandalism of power infrastructure pose a significant threat to Nigeria’s electrification efforts.
He expressed concern that transmission towers, pipelines, and distribution equipment are being targeted, disrupting supply and discouraging potential investors.
He said, “The compact outlines a $23.2bn investment target, with $15.5bn expected from private investors. These funds will be directed towards expanding power generation, strengthening transmission and distribution networks, and integrating distributed renewable energy solutions.”
Recognising that achieving universal energy access demands collective action, the government called on development partners, philanthropies, and the private sector to join the “transformative” journey.
The minister added, “By implementing the action plan in the National Energy Compact, Nigeria is positioning itself as a leader in Africa’s energy transition while creating opportunities for economic growth, job creation, and industrialisation.
“As the Mission 300 initiative gains momentum, Nigeria’s strong commitment to energy sector reforms, infrastructure expansion, and investment mobilisation will be crucial in shaping the future of electricity access across the continent.”
