President Bola Tinubu has officially ratified the National Integrated Electricity Policy, a comprehensive roadmap for the Nigerian Electricity Supply Industry.

The policy is designed to attract $122.2 billion in investments to transform and modernize Nigeria’s power sector.

During the Federal Executive Council meeting on Monday, President Tinubu ratified the long-awaited National Integrated Electricity Policy, which was initially submitted in December 2024. This policy sets the stage for Nigeria to attract $122.2 billion in investments.

It outlines a comprehensive reform agenda for the electricity sector, aligning with national development goals and global best practices, as mandated by Section 3(3) of the revised Electricity Act 2023.

It was reported in March that the policy aims to secure $122.2 billion in investments to diversify Nigeria’s energy sources, reduce reliance on the national grid, and improve the overall stability and sustainability of the country’s energy infrastructure.

The investments, planned between 2024 and 2045, will focus on shifting away from the current dependence on hydropower and gas-fired thermal plants, ensuring greater energy diversification.

The policy aims to diversify Nigeria’s energy sources by incorporating hydrogen, solar photovoltaic technology, biomass, wind, gas projects combined with carbon capture, utilization, and storage technologies, as well as nuclear, concentrated solar power, and bioenergy.

It also outlines that $192 million will be invested over five years, from 2024 to 2028, to enhance transmission capacity across Nigeria.

A statement from the Special Adviser to the Minister of Power on Strategic Communications and Media Relations, Bolaji Tunji, quoted Minister Adebayo Adelabu, confirming that the implementation of the new electricity policy is already underway.

It noted that the policy’s impact would soon be visible across the power sector.

Adelabu said, “The road map policy addresses critical challenges in Nigeria’s electricity sector through a comprehensive framework for sector transformation with clear guidelines for sustainable power generation, transmission, distribution, as well as integration of renewable energy sources, its promotion, energy efficiency and enhancement of sector governance.”

He described the passage of the Electricity Act 2023 as a pivotal moment for the sector, marking a transformative shift that has laid the foundation for the Nigerian Electricity Supply Industry, thereby enabling significant socio-economic growth.

“This National Integrated Electricity Policy and Strategic Implementation Plan is a comprehensive roadmap developed to guide all stakeholders – the Federal and State Governments, market participants, investors, and indeed all Nigerians, through this transition,” he stated.