President Bola Tinubu has signed the Electricity Act 2023 passed by lawmakers in July 2022 into law. The new law replaces the 2005 Electricity and Power Sector Reform Act and seeks to promote private sector investments in the power sector. Electricity generation licensees are obligated to meet renewable generation obligations as may be prescribed by the Nigerian Electricity Regulatory Commission. The Nigerian Electricity Regulatory Commission will be able to regulate the electricity sector within Nigeria. Until a state has passed its electricity market laws, NERC will continue to regulate electricity businesses in such states.

Source: Punch June 09, 2023 22:22 UTC