Minister Tegbe Calls for Investor Confidence in Power Sector

At the Project Hoover Series II Investor Forum held in Abuja on Tuesday, Minister of Power Joseph Tegbe called on investors to strengthen their commitment to Nigeria's electricity sector. He described Project Hoover as a transformative reform instrument aimed at stabilizing the market and unlocking long-term economic value.

Tegbe stated that reliable electricity is essential for sustained economic growth, and this can only be achieved through financially sustainable markets. He noted that the Federal Government, under President Bola Ahmed Tinubu, is focused on making the power sector commercially viable and investment-grade.

The Electricity Act, 2023, has restructured the sector by promoting competition, empowering sub-national governments, and enhancing transmission infrastructure. Tegbe highlighted that Project Hoover is not just a financing initiative but an economic reform tool to address historical obligations that have deterred new capital.

He mentioned the oversubscription of the N501 billion Series I issuance in January as a sign of investor confidence and invited investors to support the reform agenda for Nigeria's electricity sector.