…Mobilizes $23.2 billion in financing needed for last mile electrification, including $15.5 billion from private sector investments
FRI JAN 31 2025-theGBJournal| The Federal Government (FG) has unveiled a comprehensive document which sets bold goals for achieving universal electricity access, expanding clean cooking solutions, and boosting renewable energy to 50% of the mix by 2030.
”The document aligns with the country’s National Electrification Strategy and Implementation Plan under preparation, and the UN Sustainable Development Goal 7 (SDG7) and serves as a roadmap for accelerating the pace of access to energy towards ensuring affordable, reliable, inclusive, sustainable, and clean energy for the Nigerian people,” FG said.
To achieve this, the Federal Government is mobilising $23.2 billion in financing needed for last mile electrification, including $15.5 billion from private sector investments, to bridge the energy gap.
This plan, according to the Federal Government, integrates distributed renewable energy, regional collaboration, and private partnerships to redefine energy access for millions.
It involves increasing electricity access from its current annual growth of 5% to 9%, targeting a 25% annual increase in clean cooking access to reach universal access by 2030, a projected increase in the share of renewable energy in Nigeria’s energy mix from 22% to 50% by 2030, leveraging DRE solutions and mini-grids to provide immediate, cost-effective electrification for underserved areas with almost 60m+ Nigerians positively affected, and enhancing electricity trade across West African countries by integrating regional grids, amongst others.
As President Bola Tinubu says, energy access is not just an infrastructure goal for this administration—it will be the catalyst for faster economic growth, social equity, and progress.
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