President Bola Tinubu has approved the National Integrated Electricity Policy, which aims to unlock $122.2 billion in investments to overhaul Nigeria’s power sector.
Tinubu ratified the long-awaited National Integrated Electricity Policy, first submitted in December 2024, thus setting the stage for Nigeria to attract $122.2 billion in investments.
The policy outlines a 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.
Nigeria, through the policy, seeks to secure a total investment of $122.2 billion, between 2024 and 2045 (21 years) to diversify the country’s energy sources, reduce dependence on the national grid, and enhance the overall stability and sustainability of the nation’s energy infrastructure.
The amount would ensure energy diversification from the current electricity sources of hydropower and gas-fired thermal plants and also aims to diversify energy sources by incorporating hydrogen, solar photovoltaic technology, biomass, wind, gas projects combined with carbon capture, utilisation, and storage technologies, nuclear, solar (concentrated solar power), and bioenergy.
It also explained that $192 million would be incurred over five years, from 2024 to 2028, to boost transmission capacity nationwide.
