In a major stride toward resolving Nigeria’s persistent energy crisis and accelerating electrification across Africa, the Federal Government has unveiled a $32.8 billion investment roadmap aimed at transforming the continent’s power sector.
Dubbed the Mission 300 Compact, the plan targets universal electricity access for 300 million unserved people across Africa by 2030.
The announcement came during the Mission 300 Stakeholders Engagement Meeting held in Abuja on Tuesday, where Minister of Power, Chief Adebayo Adelabu, emphasized the government’s commitment to long-term sectoral reform, financial viability, and inclusive energy access.
According to Adelabu, $15.5 billion of the total funding will come from private sector partners, with the remaining expected from public sources and development institutions.
“Mobilising this level of financing will demand innovation, coordination, and a shared commitment,” Adelabu said. “Let us develop actionable plans that will make universal access a reality—not just in policy, but in the lives of our citizens—by powering our schools, hospitals, industries, and homes.”
The government’s power sector reform strategy includes:
Clearing outstanding debts to generation companies, which stood at ₦4 trillion as of December 2024.
Transitioning to a fully cost-reflective electricity tariff system, while cushioning the impact on vulnerable populations through targeted subsidies.
Expanding Nigeria’s energy mix to include cheaper, cleaner energy sources, and recovering idle generation capacity.
Strengthening the national grid to prevent recurrent collapses and improve transmission reliability.
Revamping the distribution segment, through initiatives like the Presidential Metering Initiative and the World Bank-funded Distribution Sector Recovery Programme.
Adelabu acknowledged the sector’s liquidity crisis and said that efforts are underway to stabilize finances and restore confidence among stakeholders and investors.
The Mission 300 initiative is not solely Nigeria-focused. It reflects a pan-African ambition to tackle energy poverty on a continental scale.
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Adelabu thanked global development partners for their commitment, including the World Bank, African Development Bank, Rockefeller Foundation, Global Energy Alliance for People and Planet (GEAPP), and Sustainable Energy for All (SEforALL).
“This ambition reflects our shared belief that energy access is a fundamental issue that must be urgently addressed to unlock the economic potential of the continent,” he said.
Joining virtually from Brazil, Minister of Finance, Chief Wale Edun, highlighted the macroeconomic implications of power sector reform, saying it would lead to job creation, industrial growth, and poverty reduction.
The Power Ministry is also scaling up rural electrification efforts through off-grid solutions and renewable energy adoption.
The goal, Adelabu noted, is to bring stable power to Nigeria’s underserved and unserved communities, bridging the urban-rural energy divide.
The Abuja event served as a rallying point for development partners, public officials, and private investors, many of whom committed to aligning resources with Nigeria’s Energy Compact to deliver measurable, real-world results.
As Nigeria and its partners gear up for the enormous task ahead, one thing is clear: unlocking the power sector could be a defining step toward sustainable development, not just for Nigeria, but for millions across Africa.