The Federal Government has launched a bold energy access initiative aimed at transforming Nigeria’s energy sector and addressing the country’s electricity deficit.
This initiative, which requires a total investment of $23.2 billion, expects $15.5 billion to come from private sector contributions.
Bolaji Tunji, the spokesperson for the Minister of Power, highlighted that the program, spearheaded by Minister Adebayo Adelabu, is set to catalyze sector-wide changes.
Tunji explained that this initiative is a direct result of the recently concluded Mission 300 Africa Energy Summit, held in Dar es Salaam, Tanzania.
The two-day event gathered African leaders, business executives, and development partners to discuss strategies to extend electricity access to 300 million Africans by 2030.
The summit was hosted by the Government of Tanzania, the African Union, the African Development Bank Group, and the World Bank Group.
Tunji elaborated that the National Energy Compact, as the program is called, aims to increase electricity access from 4 percent to 9 percent annually, improve access to clean cooking solutions from 22 percent to 25 percent per year, expand renewable energy’s share of the power generation mix from 22 percent to 50 percent, and mobilize $15.5 billion in private investment to support last-mile electrification.
This initiative aligns with the United Nations’ Sustainable Development Goal 7, which advocates for universal access to modern energy services.
Adelabu, during the unveiling, emphasized that the program’s goal is to provide more Nigerians with electricity, increase the adoption of renewable energy, and enhance clean cooking solutions.
“Currently, 150 million Nigerians are electrified, and Nigeria remains committed to achieving universal access to affordable and sustainable energy by 2030,” said Adelabu.
He also acknowledged the significant challenges that could hinder progress, particularly the persistent issue of vandalism targeting power infrastructure. This has led to disruptions in supply and dissuaded potential investors.
“The protection of power assets is critical to ensuring uninterrupted electricity supply and sustaining progress,” Adelabu stated, underscoring the government’s ongoing efforts to combat vandalism through enhanced security measures, stricter penalties, and the deployment of advanced surveillance technologies.
To meet the electrification goals, substantial investment is needed, with the government focused on boosting private sector involvement to unlock the necessary resources.
The $23.2 billion investment target, which includes $15.5 billion from private investors, will be directed towards expanding power generation, reinforcing transmission and distribution networks, and integrating distributed renewable energy solutions.
Recognizing that achieving universal energy access requires a unified effort, the government has called on development partners, philanthropies, and the private sector to join this transformative initiative.
“The action plan in the National Energy Compact positions Nigeria as a leader in Africa’s energy transition while creating significant opportunities for economic growth, job creation, and industrialization,” Adelabu said.
He added that as the Mission 300 initiative progresses, Nigeria’s strong commitment to energy sector reforms, infrastructure development, and investment mobilization will play a crucial role in shaping the future of electricity access across Africa.
Despite a population exceeding 200 million, Nigeria currently faces significant electricity challenges, with a power generation capacity of only 4,500 megawatts.
Attempts to increase this to 6,000 MW in 2024 were unsuccessful due to vandalism and frequent grid failures. As a result, more than 250 companies and institutions have disconnected from the national grid and are generating their own electricity.
