The Federal Government has unveiled a comprehensive $23.2 billion energy access initiative to address Nigeria’s electricity deficit and modernize its power sector.
According to a statement by Bolaji Tunji, the spokesperson for the Minister of Power, Adebayo Adelabu, the initiative is designed to drive systemic reform in the nation’s energy landscape. The programme, largely shaped by discussions at the recent Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, aims to secure $15.5 billion in private sector investment.
Access Our Exclusive Past Questions & Answers PDF Below!
The two-day summit, hosted by the Tanzanian government in collaboration with the African Union, the African Development Bank Group, and the World Bank, sought to accelerate electricity access for 300 million Africans by 2030.
Through the newly introduced National Energy Compact, the Nigerian government aspires to increase electricity penetration from 4% to 9% annually, enhance access to clean cooking solutions from 22% to 25% annually, expand renewable energy’s contribution to the power grid from 22% to 50%, and attract substantial private capital to support last-mile electrification.
Tunji emphasized that this initiative aligns with the United Nations’ Sustainable Development Goal 7, which promotes universal access to modern energy solutions.
While unveiling the programme, Minister Adelabu underscored its potential to expand electricity availability, accelerate the adoption of renewable energy, and enhance clean cooking solutions for millions of Nigerians.
“Nigeria, with 150 million people already connected to electricity, remains dedicated to ensuring universal energy access by 2030,” he stated.
However, he acknowledged that significant obstacles remain, particularly the widespread vandalism of power infrastructure. He expressed concern that persistent attacks on transmission towers, pipelines, and distribution equipment continue to disrupt supply and deter potential investors.
Adelabu stressed the need for robust asset protection measures, noting that the government is implementing stricter security strategies, harsher penalties, and advanced surveillance technologies to combat vandalism.
Achieving Nigeria’s electrification objectives, he added, necessitates massive capital inflows, making private sector participation imperative.
The compact sets forth an investment framework of $23.2 billion, with the government expecting private entities to contribute $15.5 billion. These resources will be allocated to expanding electricity generation, fortifying transmission and distribution networks, and integrating decentralized renewable energy solutions.
Recognizing the necessity of a collaborative approach, the government urged development partners, philanthropic organizations, and private investors to take part in this transformative initiative.
By executing the National Energy Compact, Nigeria is positioning itself at the forefront of Africa’s energy transition while fostering economic development, employment generation, and industrial advancement.
“As the Mission 300 initiative gains momentum, Nigeria’s unwavering commitment to energy sector reforms, infrastructure enhancement, and investment mobilization will be instrumental in shaping the continent’s future electricity landscape,” Adelabu concluded.
Discover more from Allmedia24 News
Subscribe to get the latest posts sent to your email.