The federal government has set a target of $23.2 billion aimed at transforming Nigeria’s energy sector, with $15.5 billion expected to come from the private sector to drive last mile electrification.
A statement issued in Abuja yesterday by Bolaji Tunji, spokesman to the Minister of Power, Adebayo Adelabu, said that this was a spin-off of the just-concluded Mission 300 Africa Energy Summit recently held in Dar es Salam, Tanzania.
The two-day summit which brought together African leaders, business executives, and development partners to advance the continent’s ambitious energy agenda was hosted by the government of Tanzania, the African Union (AU), the African Development Bank (AfDB) Group, and the World Bank Group.
The summit aimed to accelerate electricity access for 300 million Africans by 2030.
Through the energy access programme, tagged National Energy Compact (NEC), the Nigerian government said it aims to increase electricity access from 4 per cent to 9 per cent annually to close the energy gap.
Part of the expected funding is also intended to 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 $15.5 billion in private investment.
