President Tinubu Adopts Roadmap for Electricity Supply with National Integrated Electricity Policy
President Bola Tinubu has formally ratified and adopted a road map for the Nigerian Electricity Supply Industry by approving the National Integrated Electricity Policy.
The policy aims to unlock $122.2 billion in investments to overhaul Nigeria’s power sector.
At the Federal Executive Council meeting on Monday, Tinubu ratified the long-awaited National Integrated Electricity Policy, which was first submitted in December 2024. The policy outlines a sweeping 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.
The policy seeks to secure a total investment of $122.2 billion 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 is to be raised between 2024 and 2045, representing 21 years, and will ensure energy diversification from the current electricity sources of hydropower and gas-fired thermal plants.
The policy aims to diversify energy sources by incorporating hydrogen, solar photovoltaic technology, biomass, wind, gas projects combined with carbon capture, utilization, and storage technologies, nuclear, solar (concentrated solar power), and bioenergy. Additionally, $192 million will be incurred over five years, from 2024 to 2028, to boost transmission capacity nationwide.
According to a statement by the Special Adviser to the Minister of Power on Strategic Communications and Media Relations, Bolaji Tunji, quoting his boss, Adebayo Adelabu, the implementation of the new electricity policy is already underway.
“The policy’s impact will soon be visible across the power sector,” Adelabu said.
Adelabu described the passage of the Electricity Act 2023 as a pivotal moment for the Electricity sector, signaling a transformative change that has laid the foundation for the Nigerian Electricity Supply Industry (NESI), thus enabling exponential socio-economic growth.
“This National Integrated Electricity Policy and Strategic Implementation Plan is a comprehensive roadmap developed to guide all stakeholders – the Federal and State Governments, market participants, investors, and indeed all Nigerians, through this transition,” he stated.
