Nigeria Aims for 277GW Power Capacity by 2060

Minister of Power Joseph Tegbe announced the Federal Government's plan to grow Nigeria's electricity capacity to 277 gigawatts by 2060, leveraging renewable energy and private sector investment. Speaking at the Lagos Chamber of Commerce and Industry's Renewable Energy Outlook Conference on Wednesday, Tegbe emphasized the need for a comprehensive reform of Nigeria's electricity sector, which currently has an installed generation capacity of only 13,000 megawatts, less than half of what is needed.

He noted that businesses spend significantly on diesel and petrol generators due to unreliable power supply, costing billions of naira annually. The Electricity Act of 2023 will allow states to generate, transmit, and distribute electricity within their territories, with 20 states already enacting subnational electricity laws.

The government plans to invest in grid infrastructure, with 82 power transformers and 30 transmission projects scheduled for completion by 2025. Additionally, a $1.16 billion grid digitalization project is 69% complete, aiming to enhance grid management and market efficiency.