President Bola Tinubu has officially approved the National Integrated Electricity Policy, a key plan aimed at attracting $122.2 billion in investments to reform Nigeria’s power sector.
At a Federal Executive Council meeting on Monday, Tinubu ratified the long-awaited policy, which was first submitted in December 2024. The new policy sets the stage for major improvements in Nigeria’s energy infrastructure over the next two decades.
The policy seeks to diversify Nigeria’s energy sources beyond the current reliance on hydropower and gas-fired plants. The plan includes incorporating renewable energy options such as hydrogen, solar power, wind, biomass, nuclear and bioenergy. It also emphasizes the importance of carbon capture, utilization, and storage technologies.
Over the next 21 years, the $122.2 billion investment will be used to enhance energy stability and sustainability. Additionally, $192 million will be allocated from 2024 to 2028 to strengthen the country’s transmission capacity.
Adebayo Adelabu, the Minister of Power, confirmed that the policy’s implementation has already begun and its effects will soon be evident across the power sector. He described the passage of the Electricity Act 2023 as a milestone, signaling transformative change and setting the foundation for the future of Nigeria’s energy sector.
“This policy will guide stakeholders through the transition to a more sustainable and efficient power sector, with clear guidelines for generation, transmission, distribution and the integration of renewable energy,” Adelabu said.