Home News Nigeria Targets Universal Electricity Access with $23.2bn Investment Plan

Nigeria Targets Universal Electricity Access with $23.2bn Investment Plan

by hannah
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The Federal Government has introduced a bold initiative to expand electricity access across Nigeria, committing $23.2bn to the effort.

A significant portion of $15.5bn will come from private investors.

The National Energy Compact, spearheaded by Minister of Power Adebayo Adelabu, seeks to accelerate electrification, boost renewable energy adoption, and improve access to clean cooking solutions.

This initiative aligns with global efforts to improve energy access in Africa, as highlighted at the recent Mission 300 Africa Energy Summit in Tanzania.

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Key targets include increasing electricity access from 4% to 9% annually and raising renewable energy’s contribution to the national grid from 22% to 50%.

However, challenges such as vandalism of power infrastructure remain a major setback, disrupting supply and discouraging investment.

The government is stepping up security and enforcement measures to curb these issues.

Despite its vast population, Nigeria generates just 4,500 megawatts of electricity, far below demand.

Past efforts to boost output to 6,000MW in 2024 were hindered by frequent grid failures and infrastructure sabotage.

In response, more than 250 businesses and institutions have opted for self-generated power.

By driving investment and strengthening infrastructure, Nigeria aims to position itself as a leader in Africa’s energy transformation, ensuring stable and sustainable power for its citizens.

 

 

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