Nigeria has unveiled the National Energy Compact, a $23.2 billion initiative led by Minister of Power Adebayo Adelabu to transform the energy sector.
The programme, stemming from the Mission 300 Africa Energy Summit, aims to increase electricity access, expand renewable energy to 50%, and enhance clean cooking solutions.
With $15.5 billion expected from private investors, the plan focuses on power generation, network upgrades, and renewable energy integration.
Adelabu highlighted challenges such as infrastructure vandalism and grid failures, stressing the need for security measures and investment. Despite a population of over 200 million, Nigeria generates only 4,500MW of electricity, prompting many businesses to seek off-grid solutions.
