President Bola Tinubu has officially approved the National Integrated Electricity Policy, a comprehensive roadmap for overhauling the Nigerian Electricity Supply Industry (NESI), with the goal of attracting $122.2 billion in investments.
The approval came during the Federal Executive Council meeting on Monday, marking a significant step toward modernising Nigeria’s power sector. The policy, first submitted in December 2024, sets out to reform the electricity sector in line with national development goals and global standards, as stipulated in Section 3(3) of the revised Electricity Act 2023.
According to earlier reports by DIP CONNECTS ONLINE NEWS, the policy targets $122.2 billion in investments between 2024 and 2045. This 21-year plan focuses on diversifying Nigeria’s energy mix beyond hydropower and gas-fired thermal plants, aiming for greater energy stability and sustainability.
The strategy includes incorporating alternative energy sources such as hydrogen, solar photovoltaic (PV) systems, concentrated solar power, biomass, wind, nuclear, bioenergy, and gas projects integrated with carbon capture, utilisation, and storage technologies. Additionally, $192 million will be invested from 2024 to 2028 to strengthen the nation’s transmission infrastructure.
A statement from Bolaji Tunji, Special Adviser to the Minister of Power on Strategic Communications and Media Relations, confirmed that implementation of the new electricity policy is already underway. Quoting Minister Adebayo Adelabu, Tunji noted that visible changes in the power sector are expected soon.
Adelabu described the roadmap as a vital response to longstanding challenges in Nigeria’s electricity sector, providing a structured approach to sustainable generation, transmission, and distribution, while promoting renewable energy, energy efficiency, and improved governance.
He also highlighted the Electricity Act 2023 as a milestone for the sector, laying the groundwork for a transformative shift in NESI and enabling substantial socio-economic progress.
“This National Integrated Electricity Policy and Strategic Implementation Plan is a comprehensive guide for all stakeholders — including federal and state governments, market participants, investors, and Nigerians at large — to navigate this crucial energy transition,” Adelabu stated.
ADEOLA KUNLE
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