President Bola Ahmed Tinubu has assented to the Electricity Act 2023. The Electricity Act will replace the Electricity and Power Sector Reform Act of 2005.
Electricity Act 2023 was initially passed by lawmakers in July 2022.
With the Act, states, companies, and individuals are now empowered to generate, transmit and distribute electricity.
It provides a framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry (NESI) as well as encourage private sector investments in the sector.
The Act will mandate electricity generating companies to either generate power from renewable energy sources, purchase power generated from renewable energy or procure any instrument representing renewable energy generation.