The Federal Government has set a target of generating 70,000 megawatts of electricity by 2030, with plans to expand transmission infrastructure, develop hydropower projects and tackle mounting sector debts.
Minister of Power, Joseph Tegbe, announced the target on Tuesday, October 27, at the 13th Nigeria Energy Leadership Summit in Lagos, citing rising demand from industrialisation, artificial intelligence and data centres.
Nigeria has an installed generation capacity exceeding 13,000MW but frequently generates less than 5,000MW, leaving households and businesses with inadequate supply.
Tegbe said the government would strengthen transmission through the proposed East-West Grid programme and develop hydropower facilities to improve electricity delivery along major economic corridors.
He disclosed that 21 dams along the Sokoto-Badagry Expressway corridor had been identified for possible hydropower projects following a directive by President Bola Tinubu to assess their viability. The schemes would complement the Mambilla hydropower project and could support agricultural communities and processing centres.
The minister said federal and state governments would work with regulators and private operators to coordinate projects across three priority corridors.
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On sector financing, Tegbe said the government had paid N1.23tn of the N3.3tn legacy debt owed to electricity generation companies. Proposed settlement measures include structured repayments, payment assurance mechanisms and legally permissible net-off arrangements.
The latest ambition follows earlier expansion efforts under the Presidential Power Initiative, launched with Siemens in 2019. The programme set interim operational capacity targets of 7,000MW by 2021 and 11,000MW by 2023, with a long-term goal of 25,000MW.
Nigeria and Germany agreed in December 2023 to accelerate implementation, including transmission upgrades and new substations and transformers.
At the summit, Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said reliable, affordable electricity was essential to economic growth. He said the Lagos State Electricity Law, enacted in 2024, provided a framework for stronger regulation, market competition and private investment.
Ade Yesufu, Exhibition Director for Energy Portfolio at inD, said Nigeria’s gas resources and emerging energy businesses offered opportunities to improve electricity supply.
Achieving the 2030 target will require sustained investment and effective execution across generation, transmission and distribution, as Nigeria continues to struggle to convert installed capacity into reliable power.