Nigeria has attracted more than $3.6 billion in clean energy investments since the launch of the country’s reformed energy policy framework, signalling growing investor confidence in the administration of President Bola Tinubu, according to the Energy Commission of Nigeria (ECN).
The Director-General of the commission, Mustafa Abdullahi, disclosed this during a high-level panel session on “Unlocking Nigeria’s Energy Future: Policy, Innovation and Investment” organised by Schneider Electric in partnership with BusinessDay.
He said the inflow of new investments followed the unveiling of the National Energy Policy and National Energy Master Plan, which were formally gazetted and backed by law in 2023 — the first time Nigeria’s energy framework has had legal status since its inception.
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“Since the release of the National Energy Master Plan, the country has recorded over $3.6 billion in new investments,” Abdullahi said. “That figure alone shows what policy clarity and consistency can achieve in attracting global capital.”
Policy clarity boosts investor confidence
Abdullahi noted that before Tinubu’s administration, Nigeria’s energy policies lacked legal backing, creating uncertainty for investors. The gazetting of the National Energy Master Plan and the signing of the Electricity Act 2023, which decentralises electricity regulation to states, have now changed that narrative.
“No investor will commit funds to a country without clarity in regulation and policy,” he said. “By giving legal status to our energy policy and decentralising electricity governance, the government has demonstrated commitment and seriousness, which is what investors want to see.”
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He added that the commission has shared the master plan with Nigerian embassies and missions worldwide to help diplomatic staff engage foreign investors and communicate the government’s long-term energy vision.
