President Bola Ahmed Tinubu recently signed Electricity Bill 2023 into law.
Electricity Act 2023 repels the Electric Power Sector Reform Act, No. 26, 2006 to consolidate the laws relating to the Nigerian electricity supply industry, provide a legal and institutional framework for the development and adoption of a National Integrated Electricity Policy and Implementation Plan for Nigeria’s power sector.
The Act is expected to stimulate policy and regulatory measures to promote the development of a competitive electricity market and also attract investments and strengthen electricity generation, transmission, system operations, distribution, trading and enforcement of consumer rights and obligations.
PROMAD Foundation has simplified the Electricity Act 2023 into eleven slides in a bid to educate stakeholders and Nigerians on the new law in the power sector.