Nigeria will require $122 billion to diversify its energy mix and expand the national grid by 2045, with the largest investment directed towards solar photovoltaic technology at $56 billion.
Hydroelectric projects will receive $39 billion, while $16 billion will go to natural gas projects. An additional $6 billion will support gas initiatives with carbon capture, and $3 billion will be allocated to energy storage.
The plan aims to scale installed capacity from 11 gigawatts in 2024 to 194 gigawatts by 2045, including 83 gigawatts from renewable sources.
However, transmission network investments remain minimal at $1 billion, despite outdated infrastructure causing technical losses of up to 9%.
Meanwhile, the National Integrated Electricity Policy has pushed the target for universal electrification from 2030 to 2035 due to distribution sector challenges.
The delay could add $29 billion in costs and 90 million metric tonnes of CO2 emissions.
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