In a bold move to accelerate Nigeria’s electrification drive, the Federal Government has launched an ambitious National Energy Compact aimed at transforming the nation’s power sector.
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The programme, which requires $23.2 billion in funding, is expected to mobilize $15.5 billion from private sector investments to boost electricity access, expand renewable energy adoption, and improve clean cooking solutions across the country.
According to a statement from Bolaji Tunji, spokesperson for the Minister of Power, Adebayo Adelabu, the initiative is a direct outcome of the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
The summit, hosted by Tanzania in partnership with the African Union, the African Development Bank Group, and the World Bank, aims to accelerate electricity access for 300 million Africans by 2030.
Under the new plan, the government aims to increase electricity access from 4 percent to 9 percent annually, boost clean cooking adoption from 22 percent to 25 percent annually, expand renewable energy’s share in the power mix from 22 percent to 50 percent, and attract $15.5 billion in private investment to drive last-mile electrification.
Adelabu emphasized that Nigeria remains committed to achieving universal energy access by 2030, with 150 million Nigerians already electrified. However, he acknowledged that challenges such as vandalism of power infrastructure pose a major obstacle to progress.
The Minister expressed concern over rampant vandalism of transmission towers, pipelines, and distribution equipment, which continues to disrupt power supply and discourage investment in the sector.
He stressed that protecting power infrastructure is critical to sustaining progress and that the government is intensifying efforts through enhanced security measures, stricter penalties, and improved surveillance technologies.
To achieve the ambitious energy targets, the government is prioritizing private sector participation, with the expectation that a significant portion of the $23.2 billion investment will come from private investors.
These funds will be directed towards expanding power generation capacity, strengthening transmission and distribution networks, and integrating distributed renewable energy solutions. The initiative aligns with UN Sustainable Development Goal 7, which seeks to ensure universal access to modern energy services.
Despite having a population of over 200 million, Nigeria generates only 4,500 megawatts of electricity, which is far below demand.
Efforts in 2024 to ramp up power generation to 6,000MW were unsuccessful, largely due to vandalism and frequent grid collapses.
As a result, over 250 companies and institutions have opted out of the national grid, choosing instead to generate their own electricity.
The Federal Government is calling on development partners, philanthropies, and private investors to join this transformative energy journey.
Adelabu stated that with the Mission 300 initiative gaining momentum, Nigeria is positioning itself as a leader in Africa’s energy transition while creating opportunities for economic growth, job creation, and industrialization.
As the nation pushes for energy sector reforms and increased investment, stakeholders are hopeful that this ambitious programme will finally bridge Nigeria’s electricity gap and drive sustainable development.