Nigerians will be begin to enjoy stable power supply as President Bola Ahmed Tinubu assented to the Electricity Act 2023, which was initially passed by lawmakers in July 2022.
The Electricity Act will replace the Electric Power Sector Reform Act (EPSRA), 2005.
The new Electricity Act will bring about the de-monopolisation of Nigeria’s electricity generation, transmission, and distribution of electricity at the National level and empower states, companies, and individuals to generate, transmit and distribute electricity.
It provides a framework to guide the post-privatisation phase of the Nigerian Electricity Supply Industry (NESI), as well as encourage private sector investments in the sector.
The Electricity Act was first passed in July 2022 under the Muhammadu Buhari administration.
The primary aim of the Act is to create a comprehensive legal and institutional framework to guide NESI.
Currently, the country is generating around 4,000 MW for its over 200 million population, with the Electricity Act, 12,522 MW of electric power should be generated from existing plants.