…eyes $15.5bn private sector investments to drive plan
Adebayo Adelabu, the minister of power has unveiled an ambitious energy access program, aimed to drive the transformation in Nigeria’s energy sector, stating that the effort align with UN Sustainable Development Goal 7 (SDG7), which seeks to ensure universal access to modern energy services.
Through the energy access program, 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.
Government, through the program also seek to mobilize $15.5 billion in private investment to drive last-mile electrification.
Adelabu, in a statement issued by Tunji Bolaji, his S.A media, said that the program 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.
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Adelabu 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. He noted that transmission towers, pipelines, and distribution equipment have been targeted, disrupting supply and deterring potential investors.
The Minister emphasized 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 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.
“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 industrialization. As the Mission 300 initiative gains momentum, Nigeria’s strong commitment to energy sector reforms, infrastructure expansion, and investment mobilization will be crucial in shaping the future of electricity access across the continent”, he added.