The Nigerian government has stated on Thursday, January 30, 2025, that it is targeting $23.2 billion investment that would increase energy access from the current four percent to nine percent yearly

The government also added that the private sector is expected to bring in $15.5 billion for its energy access programme tagged, the National Energy Compact.

The programme which is led by the Minister of Power, Chief Adebayo Adelabu, will close energy gap, improve access to clean cooking solutions from 22 percent to 25 percent every year, expand renewable energy’s share in the power generation mix from 22 percent to 50 percent, and mobilize $15.5 billion in private investment to drive last-mile electrification.

A statement from Adelabu’s office stated that the programme “is also a fallout from the just concluded Mission 300 Africa Energy Summit held in Dar es Salam, Tanzania”.

The two-day Summit which brought together African leaders, business executives, and development partners to advance the continent’s ambitious energy agenda was hosted by the Government of Tanzania, African Union, African Development Bank Group, and World Bank Group and aims to accelerate electricity access for 300 million Africans by 2030.

Adelabu said: “With 150 million Nigerians already electrified, Nigeria remains committed to ensuring universal access to affordable and sustainable energy by 2030.

“Transmission towers, pipelines, and distribution equipment have been targeted, disrupting supply and deterring potential investors.

"The government is intensifying efforts to curb vandalism through enhanced security, stricter penalties, and improved surveillance technologies.

“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.

“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.”