Nigeria’s Minister of Power, Chief Adebayo Adelabu, has described the Electricity Act of 2023 as a game-changer, empowering state governments to regulate their individual electricity markets.
Accordingly to him, this shift is expected to drive investment, competition, and innovation, ultimately benefiting Nigerian consumers.
The Minister stated this stated this on Thursday in Abuja during the NERC@20 celebration, to mark the two decades of electricity sector regulation in Nigeria.
Adelabu also disclosed that the Federal Government has approved a ₦4 trillion bond to clear debts owed to Generation Companies (GenCos) and is developing a targeted subsidy framework to protect vulnerable households.
He said the government is also focusing on strengthening the entire value chain, including generation, transmission, and distribution.
In his opening speech, NERC Vice Chairman, Dr. Musiliu Oseni, expressed gratitude to stakeholders who have contributed to the power sector reform journey.
Dr. Oseni highlighted the Commission’s achievements, including overseeing the privatisation and unbundling of the state-owned vertically integrated monopoly, developing standard regulatory instruments, and improving electricity services for consumers.
He emphasised the need for fiscal discipline and transparency in the power sector, and urged state regulatory commissions to prioritise objectivity and independence in their work.
The NERC boss also called for a deliberate policy to power Nigeria’s industries for economic prosperity.
The Commission plans to focus on unlocking private investments, particularly in the transmission segment, and promoting bilateral trading.
Spark News reports that the Electricity Act of 2023 provides for regulatory oversight at the subnational level, with 15 states having received transfer orders from NERC.
NERC is celebrating its 20th anniversary after being established in 2025. The Commission has played a pivotal role in shaping the country’s power sector, championing reforms that foster transparency, accountability, and sustainable growth.