Minister of Power, Adebayo Adelabu, claimed that in the first year of President Bola Tinubu’s administration, the nation’s power sector was set on a transformative path. He added that the administration was working tirelessly to ensure that it delivers sustainable, reliable, and affordable electricity to Nigerians across the country. He noted that this haf been a year of both challenges and achievements.
For him, the administration has built a solid foundation that positions Nigeria’s power sector for success in the years ahead. He said that public-private-partnership was needed for the desired impact in power services delivery to be achieved. Adelabu said: “One of our greatest achievements this past year was the enactment of the 2023 Electricity Act, signed into law by President Tinubu.
“This groundbreaking legislation represents a major shift in how we regulate and manage electricity in Nigeria. For the first time, subnational governments have been brought into the fold, empowering them to establish and manage their own electricity markets. “Already, 10 State Electricity Markets have been advanced, enabling us to create a more decentralized, responsive, and competitive electricity supply industry.
This decentralisation is key to fostering innovation, driving investment, and delivering greater energy security for Nigerians. “One of the critical challenges we have faced has been ensuring the financial solvency of the sector. To address this, we have successfully.