President Bola Ahmed Tinubu has signed the Electricity Act 2023, which will become the second bill Tinubu will sign into law as president.
The Electricity Act 2023 allows the de-monopolization of Nigeria’s electricity generation, transmission, and distribution of electricity at the national level.
Grow your business with us
It also empowers States, companies and individuals to generate, transmit and distribute electricity.
The Electricity Act replaces the Electricity and Power Sector Reform Act of 2005. It was initially passed by the National Assembly in July 2022.
Under the Act, electricity generating companies will be mandated to either generate power from renewable energy sources, purchase power generated from renewable energy or procure any instrument representing renewable energy generation.
Electricity generation licensees are obligated to meet renewable generation obligations as may be prescribed by NERC.