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Nigeria Targets 20-Hour Daily Power Supply by 2027 with Investment Reforms
Nigeria’s ambitious target of providing at least 20 hours of electricity daily by 2027 hinges on a significant boost in investments, especially in the oil and gas sectors.
Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, recently underscored this at the Africa Energy Week in Cape Town, South Africa.
In a statement released by Abiodun Oladunjoye, the State House Director of Information and Publicity, Verheijen detailed the federal government’s plans to revitalize Nigeria’s power sector and improve electricity access for Nigerians.
Currently, Nigeria’s power grid is plagued by challenges, with its most recent collapse marking the 10th outage since the start of 2024.
The government has attributed these frequent failures to outdated infrastructure, a lack of regular maintenance, and chronic underinvestment.
Despite Nigeria’s impressive installed capacity of about 12,500 megawatts, only a fraction of this power is regularly generated, leaving vast areas of the country without stable electricity.
Verheijen noted that Nigeria is pushing to provide consistent power to urban and industrial areas as a cornerstone of economic development.
The government has a range of initiatives aimed at addressing these challenges.
For example, revenue collection reforms are underway to increase accountability, along with the deployment of seven million smart meters to minimize energy losses.
Additionally, there are plans to expand off-grid solutions to ensure remote communities have access to electricity, which will help bridge the gap in underserved regions.
Verheijen emphasized that recent macroeconomic reforms, including the removal of the petrol subsidy and foreign exchange liberalization, signal Nigeria’s readiness for a new era of growth.
She urged foreign investors to see these changes as an open invitation to partner with Nigeria, mentioning that the Tinubu administration is actively pursuing policies to attract investment.
As part of the broader Presidential Gas for Growth Initiative, the government is focusing on midstream and downstream investments, including in compressed natural gas (CNG), liquefied petroleum gas (LPG), and electric vehicles.
The administration aims to reduce dependency on petrol and diesel, particularly in transport, decentralized power generation, and cooking, while fostering demand for cleaner alternatives like electric vehicles.
While discussing Nigeria’s oil and gas potential, Verheijen compared the country’s performance to that of Brazil, which has managed to produce 131 percent more oil than Nigeria, despite having only 30 percent of its oil reserves.
This gap, she argued, is largely due to underinvestment.
She lamented the fact that since 2016, Nigeria has attracted only 4 percent of Africa’s oil and gas investments, whereas other, less resource-rich African nations have managed to capture a larger share of investor interest.
To reverse this trend, the Tinubu administration is implementing reforms aimed at making Nigeria’s oil and gas sector more competitive.
For the first time since the beginning of deepwater exploration in 1991, Nigeria is introducing a specific fiscal framework for deepwater gas projects, as well as incentives to stimulate investment in non-associated gas production.
Verheijen noted that these new policies are designed to increase investor confidence and unlock Nigeria’s potential, enabling international oil companies to bring more capital to Nigeria’s shores.
South Africa President, Cyril Ramaphosa announces Nigerian can now apply for Visa to the country without submitting a passport. This announcement was made on Tuesday during the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape Town. President Bola Tinubu was also in attendance and witnessed the announcement made.
President Cyril stated that this new process with make travelling easier for Nigerian business and tourists.
The President shared a speech during the announcement “Our efforts to create a favourable environment included simplifying the visa process for Nigerian business people travelling to South Africa. Qualifying Nigerian business people were granted a five-year multiple-entry visa.”
Popular social media personality, VeryDarkBlackMan, has shared an intriguing post online. In a tweet with the hashtag #MindYouNobodyFitCancelMe and mentions of Naira Marley and Zinoleesky, he reflected on an encounter with a group he called “innocent rough men.”
He revealed that he asked the men about their situation, and they responded, “Na God hand e dey,” meaning their fate rests in God’s hands. The phrase has resonated with fans, sparking discussions about faith and resilience.
In the same post, VeryDarkBlackMan boldly declared that no one has the power to cancel him, showcasing his confidence and determination to rise above challenges. The post has drawn reactions across social media, with many admiring his fearless attitude and thought-provoking words.
The House of Representatives has called on President Bola Tinubu to take immediate action by directing the unfreezing of the accounts belonging to the National Social Investment Programmes Agency (NSIPA) within 72 hours.
This decision was reached on Tuesday after a motion was presented by Deputy Speaker Ben Kalu and supported by 32 other lawmakers.
The suspension was a response to widespread allegations of corruption and mismanagement within the sector.
The lawmakers expressed concern that the continued freezing of NSIPA’s accounts is hindering critical programs aimed at reducing poverty and supporting vulnerable Nigerians.
The NSIPA is responsible for managing key social intervention schemes, including N-Power, which provides skills and employment opportunities for Nigerian youth; the Government Enterprise and Empowerment Programme (GEEP), which offers microloans to small business owners and artisans; the Conditional Cash Transfers (CCT), designed to provide direct financial support to poor households; and the National Home-Grown School Feeding Programme (NHGSFP), which delivers meals to schoolchildren across the country to improve enrollment and nutrition.
During the plenary session, Ben Kalu emphasized the importance of restoring NSIPA’s financial operations, stating that doing so aligns with President Tinubu’s broader vision of eradicating poverty in Nigeria.
He stressed that unlocking the agency’s accounts would ensure that these social programs remain efficient, effective, and impactful, particularly during a time when millions of Nigerians are grappling with economic hardships.
The House urged the federal government to promptly release funds to NSIPA to enable the payment of outstanding stipends owed to 395,731 N-Power beneficiaries across the country.
The delayed stipends have caused significant hardship for many young Nigerians who depend on the program to sustain themselves and their families.
In addition to addressing the financial constraints of NSIPA, lawmakers called for a comprehensive review of the agency’s operations to prevent future mismanagement and ensure transparency in the use of public funds.
They noted that resolving these issues swiftly is crucial for maintaining momentum in the administration’s poverty alleviation goals and rebuilding public trust in government-led social intervention programs.
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