The Minister of Power, Adebayo Adelabu, has disclosed that the Federal Government has successfully secured around N700 billion for the implementation of two million meters annually over the forthcoming five years under the Presidential Metering Initiative.
Adelabu made this announcement on Tuesday in Lagos at the 2025 Nigerian Energy Forum, which carries the vibrant theme “Powering Nigeria through Investment, Innovation, and Partnership.”
He revealed that the funding was acquired from the Federation Account Allocation Committee by the Federal Government.
According to Adelabu, the initiative aspires to bridge Nigeria’s metering deficit, enhance transparency, and bolster the financial resilience of the power sector.
He mentioned that the Presidential Metering Initiative complements the procurement of 3.2 million meters through the World Bank’s Distribution Sector Recovery Programme (DISREP), strategically positioning the nation to close the metering gap within a five-year horizon.
The minister elaborated that the government is harnessing bilateral funding and development finance to draw in private investment and broaden electricity access in underserved regions, educational institutions, healthcare facilities, and public entities.
“In the past two years, over $2 billion has been mobilized through pivotal programs, including the World Bank’s DARES, NSIA’s RIPLE, and the JICA fund.
“These initiatives are fast-tracking renewable energy deployment and enhancing access to dependable power,” he expressed.
Adelabu also announced that new training facilities have been inaugurated at the National Power Training Institute of Nigeria to cultivate technical expertise within the sector.
He disclosed that agreements forged at the 2025 Nigerian Renewable Energy Innovation Forum are set to add nearly four gigawatts of solar manufacturing capacity annually, approximately 80 percent of Nigeria’s current generation capacity.
With this level of renewable energy production, Nigeria is positioned to achieve its domestic transition targets and cater to regional power markets,” he affirmed.
Adelabu noted that the Electricity Act 2023 has revolutionized the sector by empowering states to establish subnational electricity marketplaces.
“Fifteen states have acquired regulatory independence, with one fully operational.
“We’re ensuring coherence between wholesale and retail markets, Adebayo emphasized.
He asserted that tariff reforms have enhanced supply dependability, decreased industrial energy costs, and elevated sector revenue from N1 trillion in 2023 to N1.7 trillion in 2024, with expectations to surpass N2 trillion by 2025.
The minister also mentioned that President Bola Tinubu has sanctioned a N4 trillion bond to settle verified debts owed to generation companies and gas suppliers, in conjunction with a targeted subsidy scheme aimed at safeguarding vulnerable consumers.
Adelabu reaffirmed the government’s dedication to collaborating with the private sector to unlock stranded generation capacity and forge a sustainable energy future.
“Through sustained investment, innovation, and robust partnerships, we can illuminate Nigeria’s pathway toward a brighter, more resilient energy future,” he concluded.
