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Home Energy Reports

Nigeria Sets $23bn Investment Goal to Boost Energy Access ,Expansion

News Editor by News Editor
January 31, 2025
in Energy Reports
0
Nigeria Sets $23bn Investment Goal to Boost Energy Access ,Expansion

By SUNDAY ABBA, Abuja

The Federal Government of Nigeria has unveiled an ambitious energy access programme that will see to the transformation of the nation’s energy sector.

The programme which is being spear-headed by the Minister of Power, Chief Adebayo Adelabu, was put on the table at the just concluded Mission 300 Africa Energy Summit held in Dar es Salam, Tanzania, according to a statement from the ministry.

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The two-day Summit which brought together African leaders, business executives, and development partners to advance the continent’s ambitious energy agenda hosted by the government of Tanzania, the African Union (AU), the African Development Bank (AfDB), Group, and the World Bank Group aims to accelerate electricity access for 300 million Africans by 2030.

Through the energy access programme, tagged National Energy Compact (NEC), the government aims to increase electricity access from 4 percent to 9 percent annually to 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.

The efforts align with UN Sustainable Development Goal 7 (SDG7), which seeks to ensure universal access to modern energy services.

While unveiling the ambitious programme, the Minister said it will expand electricity access, increase renewable energy adoption, and improve clean cooking solutions for millions of Nigerians.

“With 150 million Nigerians already electrified, Nigeria remains committed to ensuring universal access to affordable and sustainable energy by 2030”, the Minister said.

Adelabu however 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.

“Transmission towers, pipelines, and distribution equipment have been targeted and attacked, disrupting supply and deterring potential investors”.

He stressed that protecting power assets is crucial to ensuring uninterrupted electricity supply and sustaining progress, adding 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 prioritising 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.

Recognising that achieving universal energy access demands collective action, the Minister reiterated government’s call 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.

“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”, the Minister noted.

Tags: BankNigerian
News Editor

News Editor

SUMMIT POST (www.summitpostnews.com) is an Online news medium, powered by Highland Media Ltd. We publish a wide range of content, including Politics, Business, Sports and Entertainment on and about Nigeria, Africa and beyond. Follow us on social media for all the latest news and analysis. Contact us: WhatsApp: +234-803-209-6072; Call: +234-705-252-6124 Email: summitpostnigeria@gmail.com

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SUMMIT POST NEWS (www.summitpostnews.com) is an Online news medium, powered by Highland Media Ltd. We publish a wide range of content, including Politics, Business, Sports and Entertainment on and about Nigeria, Africa and beyond. Follow us on social media for all the latest news and analysis. Contact us: WhatsApp & Calls ‪+234-803-209-6072‬, ‪+234-705-252-6124‬: Email: summitpostnigeria@gmail.com

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