Nigeria's Power Sector Reforms Yield Significant Results

The Nigerian government has outlined key reforms and achievements in the power sector under President Bola Ahmed Tinubu's administration. Minister of Power Adebayo Adelabu emphasized that the reforms are yielding tangible results across the electricity value chain.

The Nigeria Electricity Liability Management Company (NELMCO) was highlighted during the unveiling of its new headquarters in Abuja. The Electricity Act 2023 has enabled decentralization, allowing participation from 16 states in the electricity market, which has stimulated competition and innovation.

Adelabu disclosed that the reforms have attracted $2 billion in fresh investments, with sector revenue projected to grow by 70 percent in 2024. The government has also reduced liabilities by 700 billion naira and improved generation capacity from 13 gigawatts to 14 gigawatts.

Additionally, a presidential meter initiative aims to address the long-standing meter gap, with 500 million naira allocated from the World Bank for procurement. The successful synchronization of Nigeria's national grid with ECOWAS countries was also noted.