President Bola Ahmed Tinubu has returned to Abuja after attending the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania.
On Tuesday evening, the presidential zero-zero-one airplane landed at the Nnamdi Azikiwe International Airport, Abuja at about 7:40 local time.
On arrival, President Tinubu was received by his Chief of Staff, Femi Gbajabiamila, the Minister of State for Defence, Bello Matawalle, and the National Security Adviser, Nuhu Ribadu, among other top government officials.
At the two-day Energy Summit, the Nigerian leader restated his commitment to making energy accessible to all citizens of the country.
The Nigerian Leader highlighted ongoing investments in renewable energy, particularly solar power projects across Nigeria, and called on African leaders to prioritise energy access, emphasizing collective action.
He said that buoyed by Nigeria’s successful attraction of over $6 billion in new investments into its energy sector in 2024 alone, his administration is keen to building on this success in 2025 and beyond.
At the Summit, the International Finance Corporation (IFC) announced that it committed $70 million in private sector funding to five Nigerian Renewable Electricity Service Companies (RESCOs), under the Nigeria Distributed Access Through Renewable Energy Scale-Up (DARES) programme.
The Rural Electrification Agency (REA) will implement the project.
Nigeria’s Energy Compact
Nigeria’s National Energy Compact, presented at the Summit on Monday, sets targets with implementation timelines and outlines the various planned reforms.
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They include expanding power generation and investing in transmission and distribution of infrastructure at competitive costs, working towards financially viable utilities that provide reliable service, and incentivising private sector participation to unlock additional resources.
Other reform actions include embracing distributed renewable energy and clean cooking solutions for affordable last-mile access and leveraging the benefits of increased regional integration.
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