Power Minister Adebayo Adelabu says $15.5bn out of $32.8bn needed for Mission 300 must come from private investors.
The Minister of Power, Chief Adebayo Adelabu, says $32.8 billion is required to provide electricity to 300 million unserved Africans under the Mission 300 Compact, with $15.5 billion expected from the private sector.
Speaking at the Mission 300 Stakeholders Engagement in Abuja, Adelabu said, “Mobilizing this level of financing will demand innovation, coordination and a shared commitment.”
He outlined government priorities including clearing N4 trillion owed to power generation companies, improving grid stability, expanding transmission, and transitioning to cost-reflective tariffs with subsidies for the vulnerable.
He added that the ministry is pursuing rural electrification and renewables, alongside human capital development, to boost local content.
“We must power our hospitals, schools, industries, and homes,” he said, stressing the importance of stakeholder collaboration.
The Federal Government reaffirmed its commitment to the Dar es Salaam Energy Declaration signed in January 2025, with a goal to achieve universal electricity and clean cooking access by 2030.
Minister of Finance, Wale Edun, added that reforms have already led to a 40% rise in power distribution.