Industry professionals urged for modifications to Nigeria’s Electricity Act 2023, emphasizing its impact on the power sector and the nation’s economy, at the 14th edition of PwC Nigeria’s Annual Power and Utilities Roundtable.
Pedro Omontuemhen, Partner and Energy, Utilities, and Resources Leader at PwC Nigeria, highlighted the urgent need for the Electricity Act to address climate change challenges, particularly in renewable energy. While acknowledging the positive aspects of the Act, experts called for enhancements to make it more responsive to industry realities, focusing on bridging the metering gap.
Bimbola Banjo, Partner and Finance Advisory Leader at PwC Nigeria, praised the transformative impact of the Electricity Act 2023, allowing state governments to actively participate in the electricity sector. He elaborated on key provisions, including the separation of distribution from supply, incentivizing renewable energy, and the establishment of regulatory frameworks.
Banjo urged caution in the adoption process, emphasizing the need for states to evaluate their readiness for implementation, considering costs and investments in technology and infrastructure. The Electricity Act’s collaborative approach among stakeholders, including state governments, was lauded for fostering positive outcomes.
The roundtable’s panel, featuring experienced power sector stakeholders, discussed additional measures to enhance the Electricity Act. Moderated by Akinyemi Akingbade, Partner, Energy, Utilities, and Resources at PwC Nigeria, the session emphasized stimulating local manufacturing, fostering domestic investments, and creating a clear dispute resolution mechanism.
Engr. Razaq Obe, Honourable Commissioner for Energy and Mineral Resources, Government of Ondo State, highlighted the Act’s success in fostering collaborations, such as the forum of state commissioners for energy. Mrs. Folake Soetan, CEO of Ikeja Electric Plc, addressed misconceptions about metering, emphasizing collaboration between DisCos and state governments to deter energy theft.
Ugochukwu Obi-Chukwu, Founder/CEO of Nairametrics, expressed enthusiasm for the Electricity Act’s potential to promote renewable energy. Daniel Mueller, COO of InfraCredit, stressed the need for effective dispute resolution mechanisms, while Dafe C. Akpeneye, Commissioner Legal, Licensing and Compliance at NERC, advocated for a comprehensive law governing the entire power sector.
