FG Forms Committee to Address Electricity Market Challenges

The Federal Government of Nigeria has taken a significant step towards implementing the Electricity Act 2023 by establishing a nine-member inter-agency committee aimed at addressing issues arising from the decentralization of Nigeria's electricity market. The committee, chaired by the Minister of Power, is tasked with engaging stakeholders through workshops to review the ongoing implementation of this landmark legislation.

The committee has a four-week timeline to examine concerns raised during these workshops and recommend practical solutions to ensure the smooth operation of the reformed electricity market. The Minister of Power emphasized that a decentralized electricity market should not be viewed as fragmented but rather as an integrated national electricity ecosystem.

He noted that electricity remains the backbone of national development, crucial for sectors such as manufacturing, agriculture, telecommunications, and the digital economy. The Minister expressed confidence in the committee's ability to foster a reliable and investor-friendly electricity market to support Nigeria's economic transformation.