Joseph Tegbe, the Minister of Power, announced that Nigeria intends to boost its electricity capacity to 277 gigawatts by 2060 as part of its commitment to foster industrial growth, alleviate energy poverty, and achieve net-zero emissions.
At the LCCI Renewable Energy Outlook Conference 2026 in Lagos, Tegbe outlined that the nation’s energy transition strategy will focus on renewable energy, natural gas, and private sector investments to strengthen the power sector.
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He pointed out that while Nigeria has over 13,000MW of installed generation capacity, less than half is reliably delivered to consumers, leading many businesses to rely on costly generators.
Tegbe mentioned that the reforms introduced by the Electricity Act 2023 have authorized states to oversee electricity regulation, with approximately 20 states already enacting electricity laws and 12 advancing regulatory authority transfers from NERC.
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He also revealed that the government has enhanced transmission infrastructure by adding new transformers and completing projects that have increased grid capacity, alongside a nearly completed $1.16 billion grid digitalization initiative.
He further noted that reaching Nigeria’s energy transition objectives could save around $121 billion on fuel costs but would necessitate an additional annual investment of $10 billion. Natural gas, supported by the country’s reserves of 202 trillion cubic feet, will act as a transitional fuel as renewable energy capacities expand.
