Nigeria’s electricity market is open for investment, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said yesterday.
He assured foreign investors that the country’s electricity sector is ripe for investment and transformative growth.
Edun spoke at the African Energy Summit in Dar es Salaam, Tanzania.
He addressed a gathering of selected investors and development partners ahead of the Africa Heads of State Energy Summit.
The minister spoke on government’s commitment to achieving macroeconomic stability, advancing clean energy goals, and ensuring universal energy access.
He described the country’s electricity sector as a pivotal area for investment and collaboration, aligning with Nigeria’s broader energy transition goals under the “Mission 300” initiative.
A statement from the ministry said Edun detailed the Federal Government’s focus on ensuring energy security while pursuing the global shift toward sustainable energy solutions.
According to the minister, the Nigerian electricity sector offers vast opportunities for foreign and domestic investors.
With a focus on clean energy transition and grid modernisation, Edun said the government aims to increase the capacity and reliability of the power sector, unlocking its potential to drive economic growth.
Edun also informed the audience that President Bola Ahmed Tinubu would participate in the summit, signifying Nigeria’s commitment to leading conversations on energy access and clean energy in Africa.
The president’s attendance, he stressed, is expected to strengthen collaborative efforts among African nations, investors, and development partners towards achieving the continent’s energy and climate goals.
“Nigeria’s electricity sector is poised for transformative growth, and investors are invited to be a part of this exciting journey,” Edun said.
He highlighted Nigeria’s significant strides in reforming its energy sector, attracting private sector investment, and closing the electricity gap.
“We have partnered with the private sector, and since regulating the sector, we’ve set up 150 mini-grids and connected a million solar panels.
“What we are focused on is ensuring profitability in energy provision, as this is key to meeting the demand.
Edun expressed optimism that Nigeria’s robust investment climate, supported by the government’s economic reforms, would attract global stakeholders to help drive progress in the energy sector.
