President Bola Tinubu has formally ratified the long-awaited National Integrated Electricity Policy, unlocking a strategic roadmap poised to attract $122.2 billion in investments to overhaul Nigeria’s power sector over the next two decades.
The landmark approval came during Monday’s Federal Executive Council (FEC) meeting, setting the stage for a comprehensive reform agenda aimed at diversifying the country’s energy mix, strengthening infrastructure, and reducing dependence on the national grid.
Originally submitted in December 2024, the policy aligns with Section 3(3) of the revised Electricity Act 2023 and reflects global best practices and national development goals. It targets a 21-year investment window from 2024 to 2045, focusing on energy diversification beyond the current hydropower and gas-fired thermal sources.
The strategy outlines the integration of alternative energy sources including hydrogen, solar photovoltaic and concentrated solar power, wind, biomass, nuclear, and gas projects equipped with carbon capture, utilisation, and storage (CCUS) technologies.
According to the policy, $192 million has been earmarked for investment between 2024 and 2028 to bolster the country’s transmission infrastructure.
Special Adviser to the Minister of Power on Strategic Communications and Media Relations, Bolaji Tunji, quoted Minister Adebayo Adelabu as saying that implementation is already underway and its impact will soon be felt across the power sector.
Adelabu noted that the roadmap addresses core challenges in the electricity industry, providing a clear framework for sustainable generation, transmission, distribution, and integration of renewable energy sources, alongside improvements in governance and energy efficiency.
Describing the Electricity Act 2023 as a turning point, Adelabu said the policy lays a solid foundation for transformative change and exponential socio-economic growth under the Nigerian Electricity Supply Industry (NESI).
“This National Integrated Electricity Policy and Strategic Implementation Plan is a comprehensive guide for all stakeholders – from federal and state governments to market participants and investors – to navigate Nigeria’s transition to a more sustainable and resilient energy future,” he stated.
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