Federal Government has unveiled ambitious plans to raise $32.8 billion in investments to deliver electricity access to 300 million unserved people across Africa under the Mission 300 Compact. Of this figure, $15.5 billion is expected to come from private sector partners.
Nigeria’s Minister of Power, Adebayo Adelabu, disclosed this at the Mission 300 Stakeholders Engagement meeting held in Abuja. 9am News report confirms Adelabu described Nigeria’s commitment to the project as central to unlocking economic growth and driving sustainable development.
“The Mission 300 Compact is essential for our nation’s growth. Our goal is universal access to reliable electricity by 2030, and this initiative brings us closer to achieving that,” Adelabu stated.
Adelabu highlighted major barriers facing the power sector, including chronic market liquidity issues, debt backlogs, and infrastructure gaps. He revealed that as of December 2024, the Federal Government owed about N4 trillion in unpaid subsidies to power generation companies.
To tackle these challenges, the government is working to expand transmission networks, stabilise the grid, and boost distribution capacity. Key programmes include the Presidential Metering Initiative and the World Bank-backed Distribution Sector Recovery Program (DISREP).
The Minister reaffirmed Nigeria’s alignment with the Dar es Salaam Energy Declaration, signed by President Bola Tinubu and 11 other African leaders in January 2025. The pact commits member states to increase electricity access by 4–9% each year and raise clean cooking access by 3% annually.
The World Bank Group has also pledged its support, with President Ajay Banga announcing plans to connect 300 million Africans to electricity — a move aimed at halving the continent’s energy access gap.
Adelabu noted that Nigeria’s first phase of the project is already underway, with over 150 million people connected so far and 86 million more targeted. Plans include constructing five new substations across Nigeria’s geopolitical zones to strengthen the national grid.
Adelabu said the Abuja stakeholder session was crucial for aligning strategies, securing partnerships, and ensuring the project translates into measurable results. He emphasised that private capital and innovative financing will play a pivotal role in bridging Africa’s massive energy gap.
“This mission is a bold step toward lifting millions out of energy poverty and driving inclusive development across the continent,” he said.
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