The Federal Government has reiterated its commitment to implementing far-reaching power sector reforms aimed at setting the industry on the path of sustainability and bankability, describing it as critical to Nigeria’s economic growth and development.
This was disclosed by the Minister of Power, Chief Adebayo Adelabu, during the Mission 300 Stakeholders Engagement held on Tuesday in Abuja.
Adelabu revealed that the estimated investment required to achieve the Mission 300 Compact—which aims to provide electricity to 300 million unserved people across Africa—stands at $32.8 billion, with $15.5 billion expected from private sector contributions.
He reaffirmed that the government is developing a framework to transition to a fully cost-reflective electricity tariff regime, while also introducing targeted subsidies to protect economically vulnerable citizens from potential shocks.
A statement by the Minister’s media aide, Bolaji Tunji, described the stakeholders meeting as a platform for strategic alignment and partnership-building. Adelabu called on development partners, private investors, philanthropic organisations, civil society groups, and the public sector to rally around the mission and convert Nigeria’s Energy Compact into tangible results.
