Abuja – President Bola Tinubu approved the National Integrated Electricity Policy (NIEP). This policy seeks to attract $122.2 billion in Nigeria power investments. The objective is to improve the country’s electricity supply industry.
Minister of Power, Adebayo Adelabu, explained the policy. He said, “The roadmap policy addresses critical challenges in Nigeria’s electricity sector through a comprehensive framework for sector transformation.” He added it gives “clear guidelines for sustainable power generation, transmission, distribution, as well as integration of renewable energy sources, its promotion, energy efficiency and enhancement of sector governance.”
Investment Plan Details
The approved policy outlines a reform agenda. It aligns with national development goals and global practices.
- The $122.2 billion in Nigeria power investments will be raised from 2024 to 2045.
- A goal is to diversify Nigeria’s energy sources.
- The plan aims to reduce dependence on the national grid.
- It also seeks to improve stability and sustainability in the power sector.
Adelabu stated policy implementation has started. He expects its effects to become visible. He called the NIEP “a comprehensive roadmap developed to guide all stakeholders…through this transition.”
Electricity Sector Transformation
This policy approval is significant for Nigeria’s electricity sector. It signals change intended to support socio-economic growth. Engineer Munir Olawale Zubair, a power generation expert, commented on the Nigeria power investments. He said the focus on renewable energy, efficiency, and improved governance will redefine Nigeria’s energy future. “The policy will also support the growth of state electricity markets, fostering a decentralized yet coordinated approach to energy planning and management,” Zubair stated.
By Abdullah Korede
