The federal government has set an ambitious goal of securing $23.2 billion to revitalize Nigeria’s energy sector, with $15.5 billion anticipated to be sourced from the private sector to facilitate last-mile electrification.
In a statement released in Abuja yesterday by Bolaji Tunji, spokesperson for the Minister of Power, Chief Adebayo Adelabu, it was noted that this initiative is a direct outcome of the recently concluded Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania.
The two-day summit convened African leaders, business executives, and development partners to promote the continent’s energy objectives. It was organized by the Tanzanian government, the African Union (AU), the African Development Bank (AfDB) Group, and the World Bank Group, with the goal of improving electricity access for 300 million Africans by 2030.
Through the National Energy Compact (NEC) initiative, the Nigerian government aims to boost electricity access from 4% to 9% annually in order to bridge the energy gap.
A portion of the anticipated funding will also focus on increasing access to clean cooking solutions from 22% to 25% each year, raising the share of renewable energy in the power generation mix from 22% to 50%, and attracting $15.5 billion in private investment.
These initiatives, as stated, are in line with the United Nations’ Sustainable Development Goal 7 (SDG7), which aims to ensure universal access to modern energy services.
Adelabu emphasized that if these goals are met, the funding will significantly enhance electricity access, promote the adoption of renewable energy, and improve clean cooking solutions for millions of Nigerians.
“With 150 million Nigerians already having access to electricity, Nigeria is dedicated to achieving universal access to affordable and sustainable energy by 2030,” Adelabu stated.
The minister highlighted the importance of safeguarding power assets to ensure a reliable electricity supply and maintain progress. He noted that the government is ramping up efforts to combat vandalism through enhanced security measures, stricter penalties, and advanced surveillance technologies.
He stated that reaching Nigeria’s electrification goals necessitates substantial investment, with the government focusing on encouraging private sector involvement to tap into additional resources.
“The plan sets a target of $23.2 billion in investments, with $15.5 billion anticipated from private investors. These funds will be allocated to expanding power generation, bolstering transmission and distribution networks, and incorporating distributed renewable energy solutions,” he explained
Acknowledging that achieving universal energy access requires a collaborative effort, the government urged development partners, philanthropists, and the private sector to participate in this transformative initiative.
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