Nigeria’s President Bola Ahmed Tinubu has formally approved the country’s long-awaited National Integrated Electricity Policy, which aims to seek $122.2 billion in investments for Nigeria’s power sector.
The policy outlines a sweeping reform agenda for the electricity sector, aligning with national development goals and global best practices, as required by Section 3(3) of the revised Electricity Act 2023.
According to reports, the President approved the document at the Federal Executive Council meeting on Monday, May 5, 2025. Per the policy, the $122 billion is expected to be raised between 2024 and 2045 to ensure energy diversification from the current electricity sources of hydropower and gas-fired thermal plants.
It aims to diversify energy sources by incorporating hydrogen, solar photovoltaic technology, biomass, wind, gas projects combined with carbon capture, utilization, and storage technologies, nuclear, solar (concentrated solar power), and bioenergy.
A statement by the Special Adviser to the Minister of Power on Strategic Communications and Media Relations, Bolaji Tunji, quoting his boss, Adebayo Adelabu, stated that the implementation of the new electricity policy was already underway. It noted that the policy’s impact would soon be visible across the power sector.
Adelabu said, “The roadmap 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 described the passage of the Electricity Act 2023 as a pivotal moment for the electricity sector, signaling a transformative change that has laid the foundation for NESI, thus enabling exponential socio-economic growth.
“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,” he stated.
Source:https://energynewsafrica.com
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.