Shettima Urges States to Build Independent Power Markets

On October 22, Vice President Kashim Shettima called on state governments to stop relying solely on the Federal Government for electricity solutions and to create their own functional power markets to attract private investors. He made this statement during the opening of a national stakeholders’ workshop on the Electricity Act 2023 at the Presidential Villa in Abuja, where he was represented by Senator Ibrahim Hassan Hadejia.

Shettima highlighted that Nigeria's industrial ambitions depend on reliable electricity for various sectors, including businesses, homes, hospitals, and schools. He noted that the Electricity Act 2023 allows states to regulate electricity markets and develop power solutions tailored to their resources and economic needs.

Shettima urged states to establish regulatory bodies and institutions to create an investment-friendly environment. He proposed a National Electricity Reform Peer Review Framework to facilitate knowledge sharing among states.

The Permanent Secretary of the Ministry of Power, Mahmuda Mamman, emphasized the importance of credible regulatory institutions for the success of the Electricity Act.