This paper presents a techno-economic approach to readily assess the profitability or otherwise of combined cycle power plants (CCPPs) for increased electricity production in Nigeria. As a case study for this analysis, a combined cycle gas turbine plant with 650MW installed capacity at Afam VI power station is used to evaluate the installation of a 1000MW and 1500MW CCPP economically. The results and analysis determined a Levelized cost of electricity of N41.57k/KWh and N34.09k/KWh for the 1500MW and 1000MW CCPP, respectively. It signifies an increase of 33.33% and 66.67% in the cost of electricity per kWh between the 1000MW and 1500MW plant capacities respectively, relative to the 650MW CCPP. Therefore, the low LCOE makes it economically viable to install the 1000MW CCPP for electricity production in the country. The paper also proposes upgrading existing gas-fired power plants in the country into combined cycle power plants for improved electricity supply.