The Federal Government on Thursday said it is targeting $23.2 billion investment that would increase energy access from the current four percent to nine percent annually.
Of this amount, the government said the private sector is expected to bring in $15.5 billion for its energy access programme tagged, the National Energy Compact.
The programme which is being spear-headed by the Minister of Power, Chief Adebayo Adelabu, will close energy gap, boost access to clean cooking solutions from 22 percent to 25 percent annually, expand renewable energy’s share in the power generation mix from 22 percent to 50 percent, and mobilize $15.5 billion in private investment to drive last-mile electrification.
A statement from Adelabu’s office explained that the programme “is also a fallout from the just concluded Mission 300 Africa Energy Summit held in Dar es Salam, Tanzania”.
The two-day Summit which brought together African leaders, business executives, and development partners to advance the continent’s ambitious energy agenda was hosted by the Government of Tanzania, African Union, African Development Bank Group, and World Bank Group and aims to accelerate electricity access for 300 million Africans by 2030.
“With 150 million Nigerians already electrified, Nigeria remains committed to ensuring universal access to affordable and sustainable energy by 2030,” Adelabu stated.
He noted that while the roadmap for expansion is clear, challenges such as vandalism of power infrastructure pose a significant threat to Nigeria’s electrification efforts, adding: “Transmission towers, pipelines, and distribution equipment have been targeted, disrupting supply and deterring potential investors”.
Adelabu emphasized that protecting power assets is crucial to ensuring uninterrupted electricity supply and sustaining progress, assuring that, “the government is intensifying efforts to curb vandalism through enhanced security, stricter penalties, and improved surveillance technologies”.
According to him, achieving Nigeria’s electrification targets requires significant investment, and the government is prioritizing private sector participation to unlock additional resources.
“The Compact outlines a $23.2 billion investment target, with $15.5 billion expected from private investors. These funds will be directed toward expanding power generation, strengthening transmission and distribution networks, and integrating distributed renewable energy solutions”, he said.
Recognizing that achieving universal energy access demands collective action, the Minister called on development partners, philanthropies, and the private sector to join the transformative journey.
“By implementing the action plan in the National Energy Compact, Nigeria is positioning itself as a leader in Africa’s energy transition and creating opportunities for economic growth, job creation, and industrialisation”, he stated.