President Bola Tinubu Signs Landmark Electricity Bill, Ushering in New Era for Nigeria Power Sector
The Evangelist News Edition, June 10, 2023. Admin.
In a groundbreaking move, President Bola Tinubu has assented to the long-awaited electricity bill, marking a significant milestone in the reform of Nigeria’s power sector.
The bill seeks to repeal the Electricity and Power Sector Reform Act of 2005, effectively establishing the Electricity Act and consolidating all relevant legislations pertaining to the electricity supply industry. This consolidation aims to provide a cohesive and comprehensive framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry (NESI) and foster increased private sector investments in the sector.
The newly signed Electricity Act serves as an omnibus legislation, addressing various critical aspects of the power sector. It not only aims to create a robust legal and institutional framework but also seeks to streamline and optimize operations within NESI. By doing so, the act aims to address the challenges that have hindered the growth and efficiency of the power sector for years.
The primary objective of the bill is to establish a comprehensive framework that will guide NESI, ensuring the provision of reliable, accessible, and affordable electricity to all Nigerians. The act is set to encourage private sector participation and investment in the power sector, leveraging the expertise and resources of the private industry to bolster the nation’s electricity supply.
President Tinubu’s assent to the electricity bill signals a renewed commitment from the Nigerian government to prioritize the development and modernization of the power sector. With the consolidation of legislations and the establishment of a robust institutional framework, the stage is set for a transformative phase in Nigeria’s electricity supply industry. This move is expected to foster economic growth, improve living standards, and enhance the country’s overall competitiveness on the global stage.
Nigeria now stands on the cusp of a new era in its power sector, and the implementation of the Electricity Act promises to be a significant step towards achieving a more reliable, efficient, and sustainable electricity supply for all Nigerians.
