The Federal Government has announced plans to raise $32.8 billion in investments to execute the Mission 300 Compact, with $15.5 billion expected from the private sector.
The initiative aims to provide electricity access to 300 million unserved people across Africa.
The Minister of Power, Adebayo Adelabu, made the disclosure during the Mission 300 Stakeholders Engagement held in Abuja.
He noted that Nigeria’s commitment to the project is crucial to unlocking the country’s economic growth and driving development.
“Nigeria’s Minister of Power, Adebayo Adelabu, articulated this stance during the Mission 300 Stakeholders Engagement meeting held in Abuja, the capital of the nation. He underscored that this initiative is essential for the economic growth and overall development of Nigeria.
“The Minister also announced that the estimated investment required for the Mission 300 Compact is $32.8 billion, with $15.5 billion expected from the private sector.
“According to him, the Mission is to provide electricity to 300million unserved people in Africa,” the source read in part.
Adelabu highlighted that the stakeholders’ meeting was an opportunity to align strategies and forge partnerships to translate Nigeria’s Energy Compact into measurable results. Adelabu added that the government remains committed to achieving universal access to electricity by 2030.
According to him, the Federal Government is working to address several challenges in the power sector, including market liquidity, outstanding debts, and inadequate infrastructure. He revealed that the government owes about N4 trillion to power generation companies due to unpaid subsidies as of December 2024.
Adelabu noted ongoing efforts to expand transmission infrastructure, improve grid stability, and enhance distribution networks through the Presidential Metering Initiative and the World Bank-funded Distribution Sector Recovery Program (DISREP).
Adelabu reaffirmed Nigeria’s commitment to the Dar es Salaam Energy Declaration signed in January 2025 by President Bola Tinubu and 11 other African leaders. The declaration sets a target to increase electricity access by 4–9% annually and boost clean cooking access from 22% to 25% per year.
What you should know
The World Bank Group has pledged to help provide electricity to 300 million Africans as part of efforts to halve the continent’s energy access gap. President Ajay Banga made the announcement at the Mission 300 Africa Energy Summit in Tanzania, as reported by Nairametrics.
- In February 2025, The Chief Technical Adviser to the Minister of Power, Adedayo Olowoniyi stated that over 150 million people now have access to electricity, with efforts ongoing to connect the remaining 86 million, as the project is in its first phase, which includes building five new substations across the country’s geopolitical zones to boost transmission and distribution.
