Nigeria’s power sector drew $1bn in 2024, says minister

From Isaac Anumihe, Abuja

The Minister of Power, Chief Adebayo Adekola Adelabu, has said that the power sector attracted over $1 billion in investment last year.

Speaking at the presentation of the National Integrated Electricity Policy, the handover of the Integrated Resource Plan (IRP), and a private sector roundtable in Abuja, the minister listed other milestones of the sector, such as raising over N700 billion from the Federation Accounts Allocation Committee (FAAC) to implement the Power Sector Recovery Programme.

The sector has added over 600MW of transmission capacity through infrastructure improvements. Also, it increased transmission from about 4,200MW to 5,300MW. According to the minister, this was made possible because of the President’s unwavering support and commitment to advancing the development of Nigeria’s power sector last year.

“As we go into the year 2025, the key priorities for the government in the power sector include market liquidity, sector reforms, and successful state electricity implementation.

“A key focus of today’s engagement is the role of the private sector in realising these ambitions. The opportunities within Nigeria’s power sector are vast, spanning from closing transmission and distribution gaps to developing hydropower and integrating large-scale renewables into the grid.

“We recognise the critical role of private capital, innovation, and expertise in transforming our electricity landscape, and we are committed to fostering an enabling environment for sustainable investment,” Adelabu said.

In his opening remarks, the Permanent Secretary of the Ministry of Power, Mahmuda Mamman, stated that planning is essential for an investment-friendly power sector.

He explained that the frameworks were developed with a clear focus on bridging the persistent gaps in generation, transmission, and distribution.

“We recognise that policy and planning integration is essential for an efficient, transparent, and investment-friendly power sector. These frameworks have been developed with a clear focus on bridging the persistent gaps in generation, transmission, and distribution, while also ensuring a transition to cleaner and more sustainable energy solutions.

“The presence of our esteemed participants today—from government ministries and agencies to private sector stakeholders and development partners—underscores the collaborative approach we are taking to transform Nigeria’s power sector. The opportunities before us are vast—from expanding our hydropower capacity to integrating renewable energy sources, and from strengthening our transmission infrastructure to enhancing last-mile distribution,” he said.