Nigeria needs 100GW of electricity to truly industrialise, experts say

The call was made at the launch of the Green Finance and Investment Facility (GFIF) in Lagos, a new initiative designed to unlock large-scale funding for renewable energy projects across the country.

Experts say that while current efforts are a step in the right direction, Nigeria’s long-term energy ambitions must go far beyond existing targets.

The GFIF aims to mobilise up to $40 billion in investments and deliver 20GW of renewable energy over the next decade.

The platform is designed to simplify access to funding by bringing together developers, financiers, and other stakeholders in one ecosystem. This approach is expected to attract private capital, especially for projects that were previously seen as too risky.

So far, about $1.3 billion has already been secured through initiatives such as the Nigeria Electrification Project (NEP), showing growing investor interest in the sector.

Despite these efforts, Nigeria still faces a major electricity shortfall, with millions of households and businesses lacking reliable power.

Stakeholders say expanding renewable energy will not only improve electricity access but also support rural electrification and boost productivity in underserved communities.

Programmes at the state level are already pushing this agenda. In Lagos, initiatives like the Eco-Circulate programme and the Clean Cookstove Initiative are helping to promote sustainable energy use and reduce environmental impact.

Experts also pointed to India as a model for what Nigeria can achieve. India currently generates over 100GW of renewable energy, proving that large-scale transformation is possible with the right policies and investments.

For Nigeria, reaching that level will require stronger collaboration between the public and private sectors, as well as more innovative financing solutions.

While the GFIF represents a major step forward, stakeholders insist that Nigeria must aim higher if it wants to compete globally and support its growing population.

Achieving 100GW of electricity, they say, is not just an ambition. It is a necessity for building a resilient, industrialised economy.

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