President Bola Tinubu has officially approved the National Integrated Electricity Policy, a comprehensive roadmap designed to overhaul Nigeria’s electricity sector and attract $122.2 billion in investment. This significant development was confirmed at the Federal Executive Council meeting held on Monday.
The policy, originally submitted in December 2024, aligns with the provisions of Section 3(3) of the revised Electricity Act 2023. It is expected to facilitate broad energy sector reforms that will support Nigeria’s development goals and bring the country in line with global best practices.
According to earlier reports from March, the plan targets a cumulative investment of $122.2 billion between 2024 and 2045. The goal is to expand the nation’s energy mix, reduce dependency on the central grid, and ensure greater energy reliability and sustainability.
The new policy promotes diversification into hydrogen, solar photovoltaic, biomass, wind energy, gas with carbon capture, nuclear, concentrated solar power, and bioenergy. It also earmarks $192 million to be spent over five years (2024–2028) to strengthen transmission infrastructure nationwide.
In a statement from Bolaji Tunji, Special Adviser to the Minister of Power on Strategic Communications and Media Relations, the minister, Adebayo Adelabu, affirmed that implementation of the policy is already in progress.
Adelabu said, “The road map policy addresses critical challenges in Nigeria’s electricity sector through a comprehensive framework for sector transformation with clear guidelines for sustainable power generation, transmission, distribution, as well as integration of renewable energy sources, its promotion, energy efficiency and enhancement of sector governance.”
He further emphasized the significance of the Electricity Act 2023, describing it as a turning point for the industry.
“This National Integrated Electricity Policy and Strategic Implementation Plan is a comprehensive roadmap developed to guide all stakeholders – the Federal and State Governments, market participants, investors, and indeed all Nigerians, through this transition,” Adelabu added.
The government expects that the policy will soon begin to yield visible improvements across the power value chain.
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