Minister of Power Joseph Tegbe says Nigeria is targeting 277 gigawatts of installed power capacity by 2060, backed by renewable energy and private sector investment, promising manufacturers that dependence on diesel generators as a primary power source will soon end.
Speaking at the LCCI Renewable Energy Conference in Lagos, Tegbe said power sector reforms have already attracted over $2 billion in fresh private investment, while electricity market revenues nearly doubled from N850 billion in 2023 to N1.5 trillion in 2025.
He disclosed that 82 power transformers have been installed since 2024, adding 8,500MVA of transmission capacity, while a $1.16 billion grid digitalisation project is 69% complete with over 3,000km of fibre optic cable deployed.
Achieving the 277GW target will require $10 billion in additional annual investment, with solar energy and natural gas backed by Nigeria’s 202 trillion cubic feet of proven gas reserves set to dominate the future energy mix.
Source: Guardian
