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Minister of Manpower, Adebayo Adelabu, said on Thursday that the sector generated N700 billion revenue last year.
He stated that this was during the 6th edition of the 2025 Ministerial Press Briefing series in Abuja.
The minister said the figure was an increase of 70 percent of what was produced by the industry in 2023.
He said: “It is clear that, because of our transformative tariff reform, the electric market produced an additional N700 billion in revenue in 2024, reflecting an increase of 70 percent of what was collected in 2023.
“This results from adjusting reflective tariffs for the cost of band customers.
“This positively has an impact on reducing the lack of tariffs subsidized by the government by 35 percent, reducing from N3 trillion to N1.9 trillion.”
According to him, income growth shows that financial feasibility and service provision can be coexisting in harmony.
Adelabu added: “The administrative commitment of the Tinubu Bola President to energy access is further shown by the signing of the Nigeria Compact energy in Tanzania in January.
“The initiative led by the World Bank and the African Development Bank (AFDB) is in line with administrative aspirations to expand the energy generation.
“The M300 target is to expand access to 300 million additional Africans in 2030, out of 600 million which is currently lacking access.
“This initiative will be realized based on the five pillar strategy: expanding generations, strengthening utilities, providing incentives of private investment, accelerating renewable energy, and increasing regional integration.
“Compact has set ambitious goals to increase electricity access, increase the adoption of renewable energy, and increase clean cooking solutions for millions of Nigerians,” said the Minister.
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