In a monumental move aimed at revitalizing Nigeria's power sector, President Bola Ahmed Tinubu has just signed into law the Nigerian Electricity Act 2023, which replaces the outdated Electric Power Sector Reform Act (EPSRA) of 2005, marking a significant milestone in the country's energy reform journey.
Energy Market and Rates Consultants (EMRC) Limited was commissioned in May 2020 by the Ninth Assembly's Senate Committee on Power, chaired by Senator Dr. Gabriel Suswam, to lead the review of EPSRA. EMRC, in collaboration with Detail Solicitors and Fairfield firms, collectively referred to as the ‘Consultants," worked with the Nigerian Electricity Regulatory Commission (NERC) to prepare the newly enacted Electricity Act 2023.
The Act encompasses numerous critical aspects that have long been discussed and debated and is also in alignment with the fifth alteration of the Constitution of the Federal Republic of Nigeria (CFRN) 1999 (as amended) signed by former President Muhammad Buhari. By virtue of this alteration to Paragraph 14(b), Part II of the Second Schedule of the CFRN, which contains the concurrent legislative list, states now have the power to make laws for the generation, transmission, and distribution of electricity in areas covered by the national grid.
The new Electricity Act and constitutional amendment lay the foundation for a more robust, efficient, and inclusive power sector, fostering economic growth, job creation, and improved access to electricity for millions of Nigerians. As implementation progresses, stakeholders across the country eagerly anticipate the positive impact these reforms will have on Nigeria's energy landscape.
EMRC is delighted to have been part of this process and will take an in-depth review of what the Act means for the sector in our webinar series, "Powering Up!".
