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FG targets N35.4tr investment in power sector

The federal government has unveiled plans to attract $23.2bn (N35.438tr) investment into the power sector, out of which it aims to mobilise $15.5bn in private investment to drive last-mile electrification.

The Minister of Power, Chief Adebayo Adelabu, disclosed this at the just-concluded Energy African Summit held in Tanzania, according to a statement.

He said the funds would be directed towards expanding power generation, strengthening transmission and distribution networks, and integrating distributed renewable energy solutions.

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“Through the energy access programme, tagged the National Energy Compact, the government aims to increase electricity access from 4 per cent to 9 per cent annually, boost access to clean cooking solutions from 22 per cent to 25 per cent annually, expand renewable energy’s share in the power generation mix from 22 per cent to 50 per cent, and mobilise $15.5bn in private investment to drive last-mile electrification,” Tunji explained.

He added that these efforts align with the UN Sustainable Development Goal 7, which seeks to ensure universal access to modern energy services.

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