The Federal Government has revealed that the costs of cost rates reflected for the clients of the band a led to the realization of N1.7 billion, a 70 percent increase in revenues in 2024 of N1 billion in 2023. This represents a huge additional income of N700 billion in 2024.
The Minister of Power, Chief of Adebayo Adelabu, declared this at the Summit of Investment of Natural and Investable Resources Africans (AFNIS 2025) in Abuja.
He declared the federal government intention to prioritize local manufacturers to address Nigeria's electricity needs through local content development, adding that the local content will now serve as a measurable tool to boost economic growth, improve industrial capacity and guarantee energy security.
He said that Nigeria is working to achieve decentralization, digitalization and in -line decarbonization with global trends. The issue of the conference was aligned with the priorities of the Power Federal Ministry to promote local content in the electricity value chain.
According to him, with the population of Nigeria greater than 200 million, the demand for electricity is increasing.
“Complying with this demand requires a clear regulatory framework, a sustained investment and a local participation in the value chain. According to the renewed hope of President Bola Ahmed Tinubu, the government is strengthening national capacities to reduce import dependence and incorporate local skills and technology,” he said.
Adelabu said that the 2023 Electricity Law has led to eleven states assuming regulatory control over its subnational markets, unlocking investment and competition. He also explained the introduction of the National Integrated Electricity Policy (NIP) and the Integrated Resource Plan (IRP) to guide the planning of the electricity sector.
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The minister also talked about the reforms in the sector.
“The independent system operator was operationalized in April 2025 for efficiency and responsibility. The Government is promoting local content through investment and execution in initiatives such as the energy education program (EEP), adding 100MW of clean energy in federal universities and teaching hospitals.
“The Dares project addresses more than 17.5 million Nigerians through decentralized electrification. Through the Mini-Grid Program of Africa, $ 5.91 million were secured in subsidies in 23 projects,” he said.