Minister of Power, Joseph Tegbe, says Nigeria plans to increase its installed electricity capacity to 277 gigawatts by 2060 as part of efforts to drive industrial growth, reduce energy poverty, and achieve net-zero emissions.
Speaking at the LCCI Renewable Energy Outlook Conference 2026 in Lagos, Tegbe said the country’s energy transition strategy will rely on renewable energy, natural gas, and private sector investment to strengthen the power sector.
He noted that although Nigeria has over 13,000MW of installed generation capacity, less than half is reliably supplied to consumers, forcing businesses to depend on expensive generators.
According to him, reforms under the Electricity Act 2023 have empowered states to regulate electricity, with about 20 states already passing electricity laws and 12 advancing regulatory control transfers from NERC.
Tegbe also disclosed that government has expanded transmission infrastructure through new transformers and completed projects that increased grid capacity, while a $1.16 billion grid digitalisation programme is nearing completion.
He added that achieving Nigeria’s energy transition goals could save about $121 billion in fuel costs but would require an additional $10 billion in annual investment.
Natural gas, backed by the country’s 202 trillion cubic feet of reserves, will serve as a transition fuel while renewable energy capacity continues to grow.
