DUBAI — The Minister of Power, Engr. Joseph Olasunkanmi Tegbe, has declared that Nigeria’s Electricity Act 2023 has fundamentally transformed the nation’s power landscape by dismantling the federal monopoly and paving the way for 37 emerging electricity markets nationwide.
Tegbe made the disclosure while delivering the keynote address at the 50th Middle East Energy Leadership Summit in Dubai, where he outlined the Federal Government’s ongoing reforms to reposition Nigeria’s electricity sector for investment, efficiency and broader access.
According to him, the reform represents a fundamental reset of how electricity is generated, transmitted and sold, with energy security now extending beyond oil and gas to encompass reliable grids, strong institutions, regulatory certainty and affordability.
The minister stressed that energy poverty remains a major threat to productivity and national resilience, describing affordable electricity as a security imperative and assuring that the reform agenda would continue to protect access for Nigerians even as the sector becomes increasingly investment-driven.
Tegbe further called for deeper global partnerships with Africa that prioritise local processing, manufacturing, technology and skills transfer, rather than merely extracting the continent’s natural resources.
He said Nigeria was proud to be at the forefront of the global energy conversation under the leadership of President Bola Ahmed Tinubu, GCFR.
