The Federal Government of Nigeria has approved the National Integrated Electricity Policy (NIEP), designed to attract $122 billion in investments to improve Nigeria’s power sector.
In a statement by Bola Tunji, the special adviser on strategic communications and media relations to the Minister of Power, the approval was granted during the Federal Executive Council (FEC) meeting held on Monday.
According to Tunji, the NIEP which had been prepared since December 2024 and submitted to President Bola Tinubu, provides an inclusive framework aimed at reshaping Nigeria’s power sector to align with the national development goals and global best practices.
The NIEP is expected to generate $122.2 billion in investments in the power sector to address Nigeria’s power sector challenges, reduce national grid dependence, and enhance the capacity of existing facilities while contributing to the nation’s energy infrastructure development. Citing the solution the new policy will create, Adebayo Adelabu, the Minister of Power, stated:
“The roadmap 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.”
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He noted that the implementation of the new electricity policy is already in motion, and the impact of the policy will soon be reflected across the sector. Adding that the NIEP will replace the National Electric Power Policy of 2001.
The Policy is designed to guide the federal and state governments, investors, and market participants in navigating the energy transition.
He highlighted that the NIEP was developed through collaborative efforts with stakeholders, industry leaders, public and private sectors, civil society organizations, and development partners.
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