On the 8th of June 2023, the Electricity Act was signed into law by the President of the Federal Republic of Nigeria. The Act in addition to other provisions, revoked and repealed the Electricity Power Sector Reform Act (EPSRA) 2005. The new Act aims to establish a thorough legal and institutional structure for the Nigeria Electricity Supply Industry (NESI), covering aspects such as electricity generation, transmission, system operation, distribution, supply, and trading, as well as promoting the integration of Renewable Energy (RE) into Nigeria's energy mix.
The Electricity Act harmonises the laws regulating the NESI and comprehensively addresses the post-privatisation challenges following the enactment of the EPSRA. This article explores some of the key highlights of the Electricity Act, and its far-reaching implications on RE investment.
Major Highlights in the Nigerian Electricity Act 2023
The Act heralds several novel and notable innovations that are capable of transforming Nigeria's electricity value chain and attracting the much-needed investment that will culminate in solving Nigeria's electricity access deficit.
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Originally published on 17 October 2023
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