The Federal Government has said Nigeria stands to save $121bn in fuel costs by transitioning to a power generation mix comprising 90 per cent renewable energy, describing the projected savings as a major economic benefit for businesses, households and the government.
The government also joined the Lagos Chamber of Commerce and Industry to advocate increased private sector participation in renewable energy investments and electricity market reforms as part of efforts to improve industrial competitiveness and accelerate economic growth.
Speaking at the Lagos Chamber of Commerce and Industry’s 2026 Renewable Energy Outlook Conference in Lagos on Wednesday, the Minister of Power, Joseph Tegbe, said the country’s Energy Transition Plan positioned renewable energy as an economic strategy rather than merely a climate commitment.
According to him, “The ETP projects that transitioning to 90 per cent renewable energy in our power mix will yield fuel savings of $121bn. These are savings that will
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