By Hosea Parah, Abuja

The Federal Government has restated its commitment to comprehensive power sector reforms aimed at achieving sustainability, financial viability, and universal energy access across Nigeria and the African continent.

Speaking at the Mission 300 Stakeholders Engagement held Tuesday at the Transcorp Hilton Hotel in Abuja, Minister of Power, Chief Adebayo Adelabu, highlighted the importance of aligning reforms with strategic partnerships to unlock the sector’s potential. The event focused on advancing Nigeria’s role in the Mission 300 Compact, a continental initiative to connect 300 million unserved Africans to electricity by 2030.

Adelabu revealed that the estimated investment required to actualize the Mission 300 goal stands at $32.8 billion, with $15.5 billion expected from the private sector. He urged development partners, civil society organizations, and private stakeholders to rally behind the mission.

“Mobilizing this level of financing will demand innovation, coordination, and a shared commitment,” Adelabu said. “Let us take this opportunity to ask hard questions, identify practical solutions, and develop actionable plans that will make universal access a reality—not just in policy, but in the daily lives of our citizens.”

The Minister outlined priority areas for reform, beginning with resolving market liquidity issues and addressing the ₦4 trillion outstanding subsidy debt owed to generation companies as of December 2024. He noted that the government is working to clear the debt and transition to a cost-reflective tariff regime, with targeted subsidies planned for vulnerable groups.

Adelabu also emphasized plans to:

Recover idle generation capacity and diversify the energy mix with cleaner, cheaper sources;

Expand transmission infrastructure to improve grid stability and reduce disturbances;

Enhance the distribution segment’s performance, through initiatives like the Presidential Metering Initiative and the World Bank’s DISREP program;

Promote renewable energy and rural electrification, especially through Nigeria’s energy transition drive;

Boost local content and skills development via the Ministry’s training institute.

The Federal Government expressed deep appreciation to key international partners including the World Bank Group, African Development Bank, Rockefeller Foundation, Global Energy Alliance for People and Planet (GEAPP), and Sustainable Energy for All for supporting the Mission 300 initiative.

“This ambition reflects our shared belief that energy access is a fundamental issue that must be urgently addressed to unlock the economic potential of the continent,” Adelabu said.

He also recalled Nigeria’s endorsement of the Dar es Salaam Energy Declaration in January 2025, where President Bola Ahmed Tinubu joined eleven other African leaders in affirming commitment to Mission 300. Nigeria’s National Energy Compact, he noted, aims to raise electricity access by 4–9 percent annually and increase access to clean cooking energy from 22 percent to 25 percent per annum, targeting universal access by 2030.

Joining the meeting virtually from Brazil, Minister of Finance, Chief Wale Edun, said ongoing reforms were already showing results. He reported a 40 percent increase in power distribution in Q1 2025, noting that the sector’s transformation was key to unlocking economic growth and generating employment.

Also in attendance were Minister of Innovation, Science and Technology, Chief Geoffrey Nnaji, presidential energy advisers, World Bank officials, top Power Ministry executives, and development partners.

As Nigeria doubles down on sector reforms, stakeholders say the success of Mission 300 and broader national energy goals will depend on sustained political will, private sector participation, and innovative financing mechanisms.