Entrepreneurng.com
Friday, May 16, 2025
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us
No Result
View All Result
Entrepreneurng.com
No Result
View All Result
Home News Business

Adelabu Launches $23.2bn Energy Plan to Boost Nigeria’s Power Sector

by Ikenna Ngere
January 31, 2025
in Business
0
Adelabu Launches $23.2bn Energy Plan to Boost Nigeria’s Power Sector
495
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Nigeria’s Minister of Power, Adebayo Adelabu, has introduced a comprehensive energy access initiative designed to accelerate progress in the country’s electricity sector.

He emphasized that the initiative aligns with the United Nations’ Sustainable Development Goal 7 (SDG7), which aims to provide universal access to modern energy services.

The newly launched program, known as the National Energy Compact (NEC), sets ambitious targets, including increasing electricity access from 4% to 9% annually to bridge the nation’s energy gap. Additionally, it aims to enhance clean cooking access from 22% to 25% annually and expand the share of renewable energy in Nigeria’s power mix from 22% to 50%.

As part of the strategy, the government also plans to mobilize $15.5 billion in private sector investments to accelerate last-mile electrification efforts.

In a statement issued by his Special Adviser on Media, Tunji Bolaji, Adelabu highlighted the program’s transformative impact, stating that it would “expand electricity access, increase renewable energy adoption, and improve clean cooking solutions for millions of Nigerians.” He reiterated Nigeria’s commitment to energy access, remarking, “With 150 million Nigerians already electrified, Nigeria remains committed to ensuring universal access to affordable and sustainable energy by 2030.”

While outlining the roadmap for energy expansion, the minister acknowledged the challenges posed by vandalism, which continues to threaten power infrastructure. He noted that attacks on transmission towers, pipelines, and distribution equipment disrupt electricity supply and discourage investment in the sector.

To address this, Adelabu stressed the need to safeguard power assets, adding that the government is stepping up efforts to curb vandalism through enhanced security, stricter penalties, and improved surveillance technologies to ensure a reliable power supply.

According to him, attracting investment is key to achieving Nigeria’s electrification goals. He stated, “The Compact outlines a $23.2 billion investment target, with $15.5 billion expected from private investors. These funds will be directed toward expanding power generation, strengthening transmission and distribution networks, and integrating distributed renewable energy solutions.”

He further noted that by implementing the National Energy Compact, Nigeria is positioning itself as a leader in Africa’s energy transition while unlocking economic opportunities.

He added, “By implementing the action plan in the National Energy Compact, Nigeria is positioning itself as a leader in Africa’s energy transition and creating opportunities for economic growth, job creation, and industrialization. As the Mission 300 initiative gains momentum, Nigeria’s strong commitment to energy sector reforms, infrastructure expansion, and investment mobilization will be crucial in shaping the future of electricity access across the continent.”

Tags: Adebayo Adelabu
Share198Tweet124
Ikenna Ngere

Ikenna Ngere

  • Trending
  • Comments
  • Latest
Prince Faisal bin Salman Al Saud

Saudi Arabia: Top 10 Richest Princes and Princesses of the Royal Family

January 4, 2025
Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

July 22, 2024
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

December 13, 2022
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

19
THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

3
RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

2
Complete Guide: Nine Key Exams You Might Need to Write to Study Abroad

Complete Guide: Nine Key Exams You Might Need to Write to Study Abroad

May 16, 2025
GTCO Plc Opens 2025 Entry-Level Program for Young Nigerian Graduates

GTCO Plc Opens 2025 Entry-Level Program for Young Nigerian Graduates

May 16, 2025
FirstBank Increases SMS Alert Charges in Latest Customer Fee Hike

FirstBank Increases SMS Alert Charges in Latest Customer Fee Hike

May 16, 2025

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Entrepreneurng.com

Copyright © 2025

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us

Copyright © 2025