- The new electrification plan will unify Nigeria’s energy strategy and attract stronger private investment.
- The plan aims to deliver universal electricity access by 2030 while boosting renewable deployment.
Nigeria’s new electrification plan will play a vital role in boosting investment and expanding electricity access nationwide. According to Abba Aliyu, Managing Director and Chief Executive of the Rural Electrification Agency (REA), the Nigerian Electrification Strategy Implementation Plan (NESIP) will serve as a national framework for scaling renewable energy and increasing investor confidence.
Aliyu disclosed this during the 109th edition of the Nextier Power Dialogue, organised by The Electricity Hub in Abuja. He confirmed that the long-awaited plan has been finalised and now awaits approval from the National Economic Council (NEC).
The strategy builds on earlier initiatives such as the Rural Electrification Strategy and Implementation Plan (RESIP), adopted in 2006, and the Nigeria Electrification Project (NEP). Its central goal is achieving universal electricity access by 2030.
Stakeholders at the dialogue, themed “Leveraging Private Capital for Scalable Renewable Energy Access in Nigeria”, described the plan as a unifying blueprint. They argued that it consolidates Nigeria’s fragmented electrification programmes while driving renewable energy deployment under the 2023 Electricity Act.
Aliyu emphasised that attracting private capital requires more than just financial incentives. Investors, he explained, want capable management and transparent systems. Weak corporate governance and limited technical expertise continue to pose challenges in the sector.
To bridge this gap, REA has embedded renewable energy specialists in Nigerian banks. These experts guide financing decisions, giving institutions like Sterling Bank and FCMB the confidence to support renewable energy projects.
Aliyu also explained that the agency uses capital grants to de-risk developer projects, enabling them to raise additional financing. Yet, he cautioned investors not to treat off-grid projects with an “on-grid mindset,” stressing that risks are inherent in off-grid development.
The dialogue brought together government officials, financiers, and international partners. Collectively, they examined how Nigeria can mobilise the private capital needed to expand electricity access sustainably.