The federal government has outlined a $23.2 billion energy investment target, which is expected to raise $15.5 billion from the private sector.

It was part of the ambitious energy access programme that will transform the nation’s energy sector.

The minister of power, Adebayo Adelabu, is spearheading the programme that will ensure the sector’s transformation.

It Is also result of the just-concluded Mission 300 Africa Energy Summit, held in Dar es Salaam, 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, the African Development Bank Group, and the World Bank Group, and aims to accelerate electricity access for 300 million Africans by 2030.

Adelabu’s media aide, Bolaji Tunji, made this known on Thursday in a statement.

The statement revealed that through “the energy access programme, tagged National Energy Compact (NEC), the government aims to increase electricity access from 4 percent to 9 percent annually to close the energy gap, boost access to clean cooking solutions from 22 percent to 25 percent annually, expand renewable energy’s share in the power generation mix from 22 percent to 50 percent, and mobilize $15.5 billion in private investment to drive last-mile electrification.”

The efforts align with UN Sustainable Development Goal 7 (SDG7), which seeks to ensure universal access to modern energy services.

While unveiling the ambitious programme, the Minister said it would expand electricity access, increase renewable energy adoption, and improve clean cooking solutions for millions of Nigerians. “With 150 million Nigerians already electrified, Nigeria remains committed to ensuring universal access to affordable and sustainable energy by 2030”, the Minister said.

Adelabu noted that while the roadmap for expansion is clear, challenges such as vandalism of power infrastructure pose a significant threat to Nigeria’s electrification efforts. “Transmission towers, pipelines, and distribution equipment have been targeted, disrupting supply and deterring potential investors”.

The Minister emphasized that protecting power assets is crucial to ensuring uninterrupted electricity supply and sustaining progress, adding that “the government is intensifying efforts to curb vandalism through enhanced security, stricter penalties, and improved surveillance technologies”.

According to him, achieving Nigeria’s electrification targets requires significant investment, and the government prioritises private sector participation to unlock additional resources.

“The Compact outlines a $23.2 billion investment target, with $15.5 billion expected from private investors. These funds will be directed toward expanding power generation, strengthening transmission and distribution networks, and integrating distributed renewable energy solutions”, he said.

Recognising that achieving universal energy access demands collective action, the government called on development partners, philanthropies, and the private sector to join the transformative journey.

“By implementing the action plan in the National Energy Compact, Nigeria is positioning itself as a leader in Africa’s energy transition and creating opportunities for economic growth, job creation, and industrialization”, the Minister reiterated.

“As the Mission 300 initiative gains momentum, Nigeria’s strong commitment to energy sector reforms, infrastructure expansion, and investment mobilization will be crucial in shaping the future of electricity access across the continent”, he added. (The Nation)