The Federal Government of Nigeria has unveiled an ambitious plan to raise $32.8 billion in investments to support the Mission 300 Compact, an initiative designed to provide electricity access to 300 million unserved people across Africa.
Minister of Power, Adebayo Adelabu, announced the plan on Wednesday during the Mission 300 Stakeholders Engagement meeting in Abuja, highlighting Nigeria’s pivotal role in bridging Africa’s energy access gap and driving economic growth.
“Nigeria’s commitment to this project is essential for unlocking our economic potential and fostering development,” Adelabu said, according to a statement from the Ministry of Power.
Of the total estimated investment, $15.5 billion is expected to come from the private sector, underscoring the importance of public-private partnerships in delivering critical infrastructure projects.
The Mission 300 Compact aligns with Nigeria’s Energy Compact goals and the Dar es Salaam Energy Declaration, which President Bola Tinubu signed alongside 11 other African leaders in January 2025. The declaration aims to increase electricity access by 4–9% annually and improve clean cooking access from 22% to 25% per year.
Adelabu emphasized that the stakeholders’ engagement provided a platform to harmonize strategies and form partnerships that would translate Nigeria’s energy aspirations into measurable outcomes.
The Minister noted that several longstanding issues must be addressed to achieve universal electricity access by 2030, including market liquidity crises, inadequate infrastructure, and unpaid debts.
As of December 2024, the Federal Government owed approximately N4 trillion to power generation companies, largely due to unpaid subsidies. Adelabu acknowledged that resolving these debts is critical to restoring confidence in the sector and encouraging further private-sector participation.
Ongoing initiatives to strengthen the power grid include expanding transmission capacity, improving grid stability, and enhancing distribution networks. Key programs supporting this transformation are the Presidential Metering Initiative and the World Bank-funded Distribution Sector Recovery Program (DISREP).
Global support and regional impact
The World Bank Group has pledged to help electrify 300 million Africans as part of its broader efforts to reduce the continent’s energy access deficit. This commitment was reiterated by World Bank President Ajay Banga at the Mission 300 Africa Energy Summit held earlier this year in Tanzania.
According to Adedayo Olowoniyi, Chief Technical Adviser to the Minister of Power, over 150 million Nigerians already have access to electricity. He stated that efforts to connect the remaining 86 million people are ongoing, including the construction of five new substations across Nigeria’s geopolitical zones to boost transmission and distribution.
A bold step toward inclusive growth
The Mission 300 Compact not only aims to transform Africa’s power landscape but also represents a crucial step in fostering inclusive economic growth, creating jobs, and improving quality of life across the continent.
By attracting substantial private-sector investments and leveraging international partnerships, Nigeria positions itself as a regional leader in energy access and sustainability.
