Nigeria’s Minister of Power, Adebayo Adelabu, has revealed that ongoing reforms in the electricity sector have attracted over $2 billion in fresh investments, signaling growing investor confidence.
Speaking in Abuja at the inauguration of the Nigerian Electricity Liability Management Company headquarters, Adelabu noted that sector revenue increased by 70% in 2024, while government liabilities dropped by about N700 billion, reflecting improved efficiency.
He explained that the reforms—driven by policy changes, market liberalisation, and institutional strengthening under President Bola Tinubu’s Renewed Hope Agenda—are positioning the sector for sustainability and private sector participation.
Central to these efforts is the Electricity Act 2023, which has enabled decentralisation and the creation of 16 state electricity markets, boosting competition and innovation.
Adelabu also highlighted improvements in power generation capacity, which has risen to 14 gigawatts, alongside initiatives like the Presidential Metering Programme and a $500 million World Bank facility to expand nationwide metering.
He added that Nigeria has successfully synchronized its national grid with other Economic Community of West African States countries, signaling readiness for regional power exchange.
The minister emphasized that these reforms aim to build a transparent, commercially viable power sector capable of supporting long-term economic growth.
