FG Approves Bold $122 Billion Roadmap to Overhaul Nigeria’s Power Sector

Abuja — In a landmark move to reshape Nigeria’s struggling energy landscape, the Federal Executive Council (FEC) has approved the National Integrated Electricity Policy (NIEP), a comprehensive power sector roadmap aimed at unlocking over $122 billion in investment and modernizing electricity delivery across the country.

The policy, ratified at Monday’s FEC meeting, represents a strategic shift in Nigeria’s electricity governance. It aligns with the mandates of the Electricity Act 2023 and serves as a blueprint for nationwide energy reform, prioritizing sustainability, decentralization, and private sector participation.

Key reforms under the NIEP include:

• Decentralized Power Markets: The policy empowers states to develop independent electricity markets, reducing reliance on federal systems and allowing tailored energy solutions.

• Renewable Integration: A strong emphasis on clean energy aligns Nigeria with global sustainability goals, promoting solar, hydro, and other green sources.

• Massive Investment Target: The roadmap seeks to attract $122 billion in financing, targeting critical infrastructure upgrades in generation, transmission, and distribution.

• Stakeholder Collaboration: The NIEP was developed through wide-ranging consultations involving industry players, development partners, academic institutions, and civil society.

Minister of Power, Adebayo Adelabu, described the policy as a “reset button” for the Nigerian Electricity Supply Industry (NESI), which has long battled with inefficiency, inadequate investment, and unreliable power supply.

“The approval of this roadmap shows President Tinubu’s commitment to delivering sustainable energy to all Nigerians,” Adelabu said, adding that the new strategy “paves the way for a reliable, decentralized, and investor-friendly power sector.”

Experts say the policy could transform energy access in underserved areas and boost industrial productivity, if implemented with transparency and regulatory oversight.

The NIEP marks the most ambitious energy reform since the partial privatization of the power sector in 2013. Its success, however, will hinge on overcoming bureaucratic inertia, ensuring intergovernmental cooperation, and fostering investor confidence.

iNewsAfrica will continue monitoring the rollout of the electricity roadmap and its impact on Nigeria’s socio-economic development.