As part of his administration’s sustained efforts to improve power generation and distribution in the country, President Bola Tinubu has charted a major roadmap for the Nigerian Electricity Supply Industry (NESI) by approving the National Integrated Electricity Policy and Strategic Implementation Plan, aimed at attracting $122.2 billion to the power sector.
Tinubu approved National Integrated Electricity Policy, which was first submitted in December 2024, thereby setting the stage for Nigeria to attract $122.2 billion in investments, during the Federal Executive Council (FEC) meeting held at the Presidential Villa on Monday in Abuja,.
The investments will help in diversifying the country’s energy sources, reducing dependence on the national grid, and enhancing the overall stability and sustainability of the nation’s energy infrastructure.
Also, the funding will support incorporating hydrogen, solar photovoltaic technology, biomass, wind, gas projects combined with carbon capture, utilisation, and storage technologies, nuclear, solar (concentrated solar power), and bioenergy into the power supply value chain for cleaner environment.
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Specifically, as required by Section 3(3) of the revised Electricity Act 2023, the policy outlines a broad-based reform agenda for the electricity sector, aligning with national development goals and global best practices.
Confirming the President’s approval of the policy, Special Adviser to the Minister of Power on Strategic Communications and Media Relations, Bolaji Tunji, in a statement quoted the minister, Adebayo Adelabu, as saying that the implementation of the new electricity policy is already being worked out by the ministry.
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.”
The minister described the passage of the Electricity Act 2023 as desirable for the electricity sector and signals a transformative change, which has laid a stronger pedestal for NESI, thereby enabling exponential socio-economic growth.
According to him, the National Integrated Electricity Policy and Strategic Implementation Plan is a comprehensive roadmap developed to guide all stakeholders, including the federal and state governments, investors and other market participants through the transition period.
