Tinubu approves plan to attract $122bn power investments
Tinubu approves plan to attract $122bn power investments
President Bola Tinubu has approved the National Integrated Electricity Policy, a major reform initiative for Nigeria’s power sector. The policy, aligned with the Electricity Act 2023, is designed to attract $122.2 billion in investmentsbetween 2024 and 2045 to transform the Nigerian Electricity Supply Industry (NESI). It aims to diversify energy sources beyond hydropower and gas, incorporating solar, wind, biomass, nuclear, hydrogen, and carbon capture technologies.
Key goals include:
- Reducing reliance on the national grid.
- Enhancing energy sustainability and infrastructure stability.
- Investing $192 million from 2024 to 2028 to boost transmission capacity.
According to Minister of Power Adebayo Adelabu, the policy’s implementation is already underway and will soon yield visible improvements across generation, transmission, and distribution. The policy provides a comprehensive framework to guide federal and state governments, investors, and other stakeholders in Nigeria's electricity transition.
