- Safiu Kehinde
The Federal Government has unveiled a $23.2 billion worth investment plan to meet the Nigeria’s electrification target.
Tagged the National Energy Compact (NEC), the energy access programme is aimed at transforming of the nation’s energy sector.
The programme which was unveiled by the Minister of Power, Adebayo Adelabu, at the just concluded two-day African Energy Summit at Dar es Salam, Tanzania, is aimed at increasing 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; and expand renewable energy’s share in the power generation mix from 22 percent to 50 percent.
It also seems to mobilize $15.5 billion in private investment to drive last-mile electrification.
The efforts, according to a statement made available to NPO Reports on Thursday, aligned with UN Sustainable Development Goal 7 (SDG7), which seeks to ensure universal access to modern energy services.
While unveiling the programme, Adelabu 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.
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.
“Transmission towers, pipelines, and distribution equipment have been targeted, disrupting supply and deterring potential investors” he continued.
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”, he said.
Recognizing that achieving universal energy access demands collective action, the Government 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 industrialization”, the Minister reiterated.
“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