Power sector attracted over $1bn investment in 2024, says Minister

Minister of Power, Chief Adebayo Adekola Adelabu, has said that the power sector, attracted over $1 billion investment, last year.

Speaking at the presentation of the National Integrated Electricity Policy handover of the Integrated Resource Plan (IRP) and private sector roundtable in Abuja, the minister listed other milestones of the sector as raising over N700 billion from the Federation Accounts Allocation Committee (FAAC) to implement Purchasing Managers’ Index (PMI).

The sector has added over 600MW transmission capacity through Producer Price Index (PPI). Also, it increased transmission from about 4200MW to 5300MW.
According to the minister, this was made possible because of the president’s unwavering support and commitment to advancing the development of the Nigeria Power Sector last year.

“As we go into the year 2025, the key priorities for government in the power sector include: market liquidity and sector reforms and successful states’ electricity implementation.

“A key focus of today’s engagement is the role of the private sector in realising these ambitions. The opportunities within Nigeria’s power sector are vast, spanning from closing transmission and distribution gaps to developing hydropower and integrating large-scale renewables into the grid.

“We recognise the critical role of private capital, innovation, and expertise in transforming our electricity landscape, and we are committed to fostering an enabling environment for sustainable investment” Adelabu, said

In his opening remarks, the Permanent Secretary, Ministry of Power, Mahmuda Mamman, stated that planning is essential for an investment-friendly power sector.
He explained that the frameworks were developed with a clear focus on bridging the persistent gaps in generation, transmission, and distribution.
“We recognise that policy and planning integration is essential for an efficient, transparent and investment-friendly power sector. These frameworks have been developed with a clear focus on bridging the persistent gaps in generation, transmission, and distribution, while also ensuring a transition to cleaner and more sustainable energy solutions.

“The presence of our esteemed participants today – from government ministries and agencies to private sector stakeholders and development partners – underscores the collaborative approach we are taking to transform Nigeria’s power sector. The opportunities before us are vast – from expanding our hydropower capacity to integrating renewable energy sources, and from strengthening our transmission infrastructure to enhancing last-mile distribution” he said.

Daily Sun