Tinubu’s electricity reforms attract $2billion investment

The Federal Government says ongoing electricity reforms have attracted over $2 billion in new investment since the current administration took office. Minister of Power, Chief Adebayo Adelabu, announced this at the PwC Annual Power and Utilities Roundtable in Lagos.

He said closing the metering gap remains a priority, noting that only six million of Nigeria’s 13 million consumers are metered. The Presidential Metering Initiative and District Sector Recovery Programme aim to deploy over 13 million meters combined.

Adelabu added that the Electricity Act 2023 has enabled states to create their own electricity markets, marking a major shift from the previous centralised system.

He noted that power-sector revenue has grown from N1 trillion in 2023 to N1.7 trillion in 2024, with projections of N2.3 trillion by the end of 2025.

The Minister also reported improved grid performance, increased generation capacity and successful grid synchronisation tests with the West African Power Pool.

“Nigeria’s transition to a multi-tier electricity market is not optional it is a necessity,” he said. “To build a reliable, resilient and competitive power sector, we must confront our long-standing challenges and advance reforms that strengthen institutions at both federal and state levels.”

“This market reform is a journey, not an instant event, and we are committed to ensuring that investment, regulation and consumer protection evolve together to deliver a sustainable, commercially viable electricity industry for the nation,” the Minister added.

Stakeholders including Lagos State’s Commissioner for Energy, Engr. Abiodun Ogunleye, and PwC’s Regional Senior Partner, Sam Abu, commended the reforms and called for sustained coordination to strengthen the sector.