The federal government has said Nigeria spends about $1bn annually on the electricity value chain, from generation, transmission to distribution.
Special Adviser to the President on Power Infrastructure, Sadiq Wanka, spoke while delivering his presentation at the Asharami Square of Sahara Group in Lagos on Wednesday. The presentation was titled: “Nigeria’s changing electricity infrastructure investments landscape.”
He, however, said the country lags behind in access to electricity when compared with developed countries as well as India abd South Africa.
Wanka said: “When you look at the electricity situation in Nigeria, we often start talking about access and energy poverty.
“And Nigeria is really liking the high rates in terms of whether you’re looking at per capita, consumption of electricity, whether you’re looking at the stock of infrastructure that we have.
“And maybe what is maybe very important to call out is the fact that, compared to many of the developing countries that we liked compared ourselves, whether it’s India or South Africa, we’re still significantly behind.
“The good part, or the good story to tell is that many of these countries, probably over a period of maybe a decade, in many instances, were able to close their own back.
Over periods of a decade, in many instances, you’ll see that many of these countries were able to close the electrification gaps that existed. So, maybe that’s also a positive note for us. That is if we get our acts together, it’s something that we can achieve in a relatively short period of time.
“In terms of the investment need, if you look at what we’re spending today across the electricity value chain, from generation to transmission to distribution, it’s probably somewhere in the region of $1 billion in investment, public and private.
“And if we really want to close this electrification gap and if we want to meet the aspirations that we have set for ourselves, for universal access and for sufficient power for industry, we essentially have to fix that level of investment.”
Director, Governance & Sustainability, Sahara Group, Ejiro Gray, in her keynote address said Asharami Square has become an annual event.
The summit was titled: “Energising Africa’s future legacy, impact, and transformation ”
Gray said: “This year is particularly special for us because Sahara turns 30 this year, and this anniversary we have termed beyond XXX. So what does that really mean for us, what we mean for you as well?
“30 years is enough time to have built history as an organization. But at the same time, you don’t want to get lost in nostalgia, in history, because you’re so focused on the fact that you moved around for 30 years. It’s a good thing, but you must think ahead progressively.
“The last thing we want to do is to allow 30 years to become a precinct for us, for our minds, for what we think, and for what we prepare for the future.
“This anniversary, to us is a celebration of resilience, it’s an acknowledgement of how far we’ve come. It’s also a reflection as to whether the lessons we learned, the businesses we build, the systems can take on us, and to where we want to be, number one, and whether they will remain useful for the Africa that is emerging.”
She added: “I think that’s a salient question every business should be thinking about, especially when you come to a milestone in your group trajectory.What you’re doing, how sustainable is it for the future for that is unfolding.
“That’s the thinking behind our beyond XXX philosophy. So what is it for us? It’s about commitment, right? It’s committing to ensure that experience does not become complacent. It doesn’t become hopeless, which is a mistake a lot of companies make, a lot of businesses make, and sometimes it becomes the death of that business.
“So for us, it’s ensuring that we don’t become complacent in our drive, and that our legacy is not buried in nostalgia. One of our founding directors always says that he doesn’t like the phrase, you do this, because life should be progressive. It should get better.”
Group Head, Corporate Communication, Sahara Group, in a communique titled: Nigeria’s Power Sector: The Investment Gap,” stated that Nigeria’s electricity access still lags peers like India and South Africa, though comparable gaps have closed elsewhere within a decade.
He added that meeting universal access and industrial power targets requires roughly 10x today’s level of investment.
He noted that Nigeria’s Integrated Resource Plan projects 80% of grid capacity from solar and hydro by 2045, chosen on a least-cost basis.
On reforms opening the door for investors; he stated that the Electricity Act 2023 (state-level regulation, improved market discipline among distribution companies, and new model captive power, mini-grids and private transmission.
Obioma said: “Sahara Group frames its 30th anniversary as “Beyond XXX” is not a celebration of history alone, but a commitment to progress and improvement.
Leadership’s guiding philosophy: “the latter days should be better than the former.
“Africa’s energy story is too often told from an external perspective that misses the complexities of operating on the continent. Progressive journalism should interrogate the assumptions behind the energy transition, not simply relay conclusion.”
He added: “Nigeria’s electricity access still lags peers like India and South Africa, though comparable gaps have closed elsewhere within a decade.
“Meeting universal access and industrial power targets requires roughly 10x today’s level of investment
“Nigeria’s Integrated Resource Plan projects 80% of grid capacity from solar and hydro by 2045, chosen on a least-cost basis
“Reforms opening the door for investors: the Electricity Act 2023 (state-level regulation), improved market discipline among distribution companies, and new model captive power, mini-grids and private transmission.”
On financing Africa’s Energy Future, he said that successful deal structuring depends on access to affordable capital and investor confidence in expected returns.
Obioma noted that two disciplines build trust with financiers: rigorous feasibility and preparation work, and dependable follow-through on agreements and policy.
He stated that data credibility is essential. He added that sound reporting draws on multiple independent sources: reports, field verification and interviews, not one narrative.
He added that investors weigh governance, risk exposure and independent ratings before committing capital; clear, consistent regulation underpins predictability.
He proffered strategies on how can the media help to energise Africa’s future.
He stated that journalists should move beyond breaking news and press releases toward deep, evidence-based Investigation.
He advised them to verify data on the ground rather than repeating claims.
Obioma said: “They should ask who bears the cost of the energy transition, who owns the infrastructure, and who benefits. It is not just what technology is being deployed.
“They should practice solutions journalism, explain what’s working, why, and what should change, alongside coverage of failures.
“It is important to build newsroom capacity. Technical and financial literacy, diverse data sources, and support for investigative time and reporter safety.”
