Given the complexity of power systems, particularly in the deregulated power industry found in Nigeria, a consistent, safe, controllable, and high-quality power supply is required. The loss of the system's overall damping torque, which reduces the system's susceptibility to fluctuations and problems with dynamic stability, is one of the key downsides of network expansion. Flexible AC transmission systems (FACTS) controllers have been used to overcome problems with power system stability control. In order to improve dynamic stability, this study investigates how the generator's rotor angle, speed, voltage magnitude profile, and real power affect how well SVC operates under the effect of a three-phase fault. With a fault introduced on Bus 33 (Geregu Substation) and SVC placed optimally on Bus 21 (Jos Transmission Station) using voltage stability sensitivity factor (VSSF) after the simulation of continuation power flow (CPF), the 48-bus power system network in Nigeria was modeled using commercial PSAT software in a MATLAB environment. The power system's oscillation was significantly reduced, and the voltage profile was enhanced for power system dynamic stability, per simulation results with and without SVC.