President Bola Tinubu has given the green light to a comprehensive plan aimed at transforming Nigeria’s power sector.
The National Integrated Electricity Policy, approved at the Federal Executive Council meeting on Monday, is designed to attract $122.2 billion in investments to overhaul the nation’s electricity infrastructure.
Key Objectives:
- Investment: Secure $122.2 billion investment between 2024 and 2045 to diversify energy sources and enhance overall stability and sustainability.
- Renewable Energy: Incorporate various energy sources, including hydrogen, solar photovoltaic technology, biomass, wind, gas projects with carbon capture, nuclear, and bioenergy.
- Transmission Capacity: Boost transmission capacity nationwide with $192 million investment over five years (2024-2028).
- Sector Reform: Implement a sweeping reform agenda aligning with national development goals and global best practices.
The policy outlines a roadmap for sector transformation, emphasizing sustainable power generation, transmission, and distribution, as well as promoting renewable energy sources and energy efficiency.
With this approval, the implementation of the policy is expected to accelerate, potentially impacting the power sector significantly .
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