BY CHIKA OKEKE, Abuja
The Federal Government has sought private investment and expertise to address the over $100 billion electricity infrastructure gaps, as the government cannot finance the needed transformation in the sector.
This is even as Nigeria’s ambition to build a competitive industrial economy remains constrained unless electricity reforms translated into reliable power for businesses, households and public institutions.
These played out when the Vice-President, Kashim Shettima hosted a national stakeholders’ confab on the Electricity Act 2023 at the State House Banquet Hall, Abuja.
Currently, Nigeria needs an estimated $10 billion investment annually over the next 10 to 20 years to resolve the electricity infrastructure deficit, as about 90 million Nigerians cannot access the national grid.
Shettima said: “Government cannot finance this transformation from the treasury alone; private capital must arrive with technology and expertise. Transparent licensing, predictable regulation, commercially viable markets, investment safeguards and credible dispute resolution will earn investors’ confidence.”
He reaffirmed President Bola Tinubu’s commitment to expanding electricity access through policies aimed at encouraging investment, strengthening institutions and improving service delivery.
Shettima, who was represented by the Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia, requested stronger consumer protection against arbitrary billing, poor service and unfair commercial practices, insisting that electricity operators must be held accountable.
“The final verdict on this law will be delivered wherever a Nigerian reaches for a switch. Entrepreneurs need dependable power, young Nigerians need employment, and investors need transparent rules under which enterprise can prosper,” he added.
Minister of Power, Engr. Joseph Tegbe noted that the success of the Electricity Act 2023 would depend on states establishing credible institutions and commercially viable electricity markets.
Tegbe, who was represented by the Permanent Secretary of the Federal Ministry of Power, Mahmuda Mamman, informed that state-level electricity planning would enable the governments to respond more effectively to local demand and infrastructure needs.
Director-General of the Nigeria Governors’ Forum, Abdulateef Shittu noted that the forum is working to improve coordination between the Federal and state institutions, adding that plans are underway to develop a standard tariff framework for states that would protect consumers.
He informed that the framework would promote investment and commercial sustainability, encouraging the stakeholders to ensure that any amendments to the existing legal framework strengthened progress already made in electricity regulation.
The Deputy General Manager (Compliance) and Head of Compliance at NERC, Hauwa Yakubu disclosed that the commission had issued regulatory transfers to 17 states, noting that NERC is supporting emerging state electricity regulators through peer-to-peer training and technical engagement.
She hinted that the Electricity Act 2023 introduced a system of multilevel electricity regulation, bringing regulatory responsibilities closer to consumers and enabling states to address their specific power challenges.
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