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From Isaac Anumihe, Abuja
The Federal Government has disclosed that the Federation Accounts Allocation Committee (FAAC) has mobilised a total N700 billion funding to implement the Presidential Metering Initiative, aimed at tackling the sector’s long-standing metering gap.
This is in addition to the World Bank’s Distribution Sector Recovery Programme (DISREP) fund of $500 million to add 3.45 million meters to the sector.
Speaking before signing the 30-year concession agreement between Quaint Energy and the Ministry of Power for the 6MW Ikere Gorge and 2MW Omi-Kampe Hydro projects in Oyo and Kogi states, in Abuja, Minister of Power Chief Adebayo Adelabu also noted that the Federal Government’s plan to transition the power industry to full commercialisation increased the sector’s revenue by 70 per cent in the year 2024 and reduced government liability in the sector by N700 billion.
According to him, the development of a National Integrated Electricity Policy attracts over $2 billion in fresh investments into the sector to further extend electricity access in the country.
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“Nigeria’s energy landscape is rapidly evolving, and opportunities for investment abound across the Nigeria power sector value chain. Our market fundamentals are improving. Our policy environment is clear, and the national leadership is committed to creating the enabling conditions for long-term investment and innovation, and the Ministry of Power stands ready to work with credible investors to deliver impactful projects that improve lives and strengthen our economy,” he said.
Adelabu further explained that the government has achieved the first-ever successful synchronisation of the Nigerian power grid with the wider West African grid, which is a remarkable milestone for West Africa.
“The West African Power Pool (WAPP) achieving synchronisation across all 14-member countries for over four hours marks a major step towards a fully integrated regional electricity market.
“Increase in the country’s installed capacity for energy generation from 13GW to 14GW and the attainment of an all-time generation peak of 5,801.44 MW and a maximum daily energy record of 128,370.75 MWh on March 4, 2025,” he said.
