Minister seeks consistent reform in Nigeria’s power sector

Nigeria’s Minister of Power, Adebayo Adelabu, on Tuesday, stressed the need for consistent reform in the country’s power sector to drive sustainable development.

Mr Adelabu stated this while speaking at a seminar programme for judges themed ‘Reforms in the Nigerian Electricity Sector towards Sustainability’ held in Abuja on Tuesday.

He explained that the legal profession has been able to achieve successes through reforms that were geared towards sustainability.

“If the Nigerian power sector had received the same consistent reforms supported by required resources, we would have more desirable results in the Nigerian Electricity Supply Industry (NESI),” Mr Adelabu said.

He listed some of the achievements in Nigeria’s legal profession to include the development of the local capacity to train Nigerian legal practitioners and administer all aspects of the profession in Nigeria.

The minister added that Nigeria has started on the journey towards critical reforms in the power sector towards producing revolutionary results.

“Prior administrations have contributed immensely in this regard but the legislative changes that have occurred in the past year have placed the sector on the path of a total paradigm shift.

“The notable legislative changes have been the amendment of the constitution of the Federal Republic of Nigeria with the granting of unfettered powers to sub-nationals to develop electricity markets within their jurisdictions and the Electricity Act 2023 that was assented to by Mr President in the first month of his administration,” he said.

He further explained that the Electricity Act 2023 introduces far-reaching features that propel market liberalisation, extend regulatory reach, and establish a more coherent policy framework that will mitigate the operational and systemic risks in NESI.

“As we navigate our path towards a more commercially viable electricity market that is characterised by legal and contractual obligations, the imperative to understand the peculiar and nuanced nature of a regulated electricity market becomes even more imperative.

“This seminar is part of the broader vision of the Commission and National Judiciary Institute (NJI) to engage the members of the judiciary on important developments in the sector,” he said.

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He noted that the judiciary’s pivotal role, through notable pronouncements, contributes significantly to attracting private investment in the power sector.

“The Nigerian judiciary has helped NESI with notable pronouncements and the act of the judiciary goes far in attracting private investment in the power sector.

“In the financial services industry, we say that investments will only follow certainty; and there appears to be no greater means of providing certainty than predictable, clear and logical judicial precedent that is dispensed by a competent bench.

“This seminar is a laudable initiative of the commission geared towards building the capacity of the Nigerian bench towards achieving the desired objective of predictable, clear and logical judicial precedent in matters affecting the power sector,” he said.

Nigeria’s Minister of Power, Adebayo Adelabu, on Tuesday, stressed the need for consistent reform in the country’s power sector to drive sustainable development.

Mr Adelabu stated this while speaking at a seminar programme for judges themed ‘Reforms in the Nigerian Electricity Sector towards Sustainability’ held in Abuja on Tuesday.

He explained that the legal profession has been able to achieve successes through reforms that were geared towards sustainability.

“If the Nigerian power sector had received the same consistent reforms supported by required resources, we would have more desirable results in the Nigerian Electricity Supply Industry (NESI),” Mr Adelabu said.

He listed some of the achievements in Nigeria’s legal profession to include the development of the local capacity to train Nigerian legal practitioners and administer all aspects of the profession in Nigeria.

The minister added that Nigeria has started on the journey towards critical reforms in the power sector towards producing revolutionary results.

“Prior administrations have contributed immensely in this regard but the legislative changes that have occurred in the past year have placed the sector on the path of a total paradigm shift.

“The notable legislative changes have been the amendment of the constitution of the Federal Republic of Nigeria with the granting of unfettered powers to sub-nationals to develop electricity markets within their jurisdictions and the Electricity Act 2023 that was assented to by Mr President in the first month of his administration,” he said.

He further explained that the Electricity Act 2023 introduces far-reaching features that propel market liberalisation, extend regulatory reach, and establish a more coherent policy framework that will mitigate the operational and systemic risks in NESI.

“As we navigate our path towards a more commercially viable electricity market that is characterised by legal and contractual obligations, the imperative to understand the peculiar and nuanced nature of a regulated electricity market becomes even more imperative.

“This seminar is part of the broader vision of the Commission and National Judiciary Institute (NJI) to engage the members of the judiciary on important developments in the sector,” he said.

ALSO READ: Tinubu implementing bold, far-reaching reforms – APC tells PDP Govs

He noted that the judiciary’s pivotal role, through notable pronouncements, contributes significantly to attracting private investment in the power sector.

“The Nigerian judiciary has helped NESI with notable pronouncements and the act of the judiciary goes far in attracting private investment in the power sector.

“In the financial services industry, we say that investments will only follow certainty; and there appears to be no greater means of providing certainty than predictable, clear and logical judicial precedent that is dispensed by a competent bench.

“This seminar is a laudable initiative of the commission geared towards building the capacity of the Nigerian bench towards achieving the desired objective of predictable, clear and logical judicial precedent in matters affecting the power sector,” he said.