65th Independence: Experts commend FG’s assent to new electricity Act
CHIGOZIE AMADI
As Nigeria marks its 65 years of independence, stakeholders in the power sector have commended the Federal Government for signing the new Electricity Act into law.
They described it as a transformative and strategic step toward unlocking the country’s energy potential.
The experts spoke in an interview on Wednesday in Lagos.to commorate Nigeria’s 65th independence Anniversary
They noted that the Act has liberalised electricity generation and distribution, empowering state governments and encouraging private sector participation — key moves that are already yielding positive results.
Mr Hammed Abiodun, Managing Director of MOMAS Electricity Meters Manufacturing Company Ltd. (MEMMCOL), said the legislation has enabled the rise of Independent Power Plants (IPPs), providing more stable and affordable power, especially to industrial clusters and private estates.
“This new Act gives state governments the authority to set up and regulate their electricity commissions.
“We’re seeing more states establishing independent power structures to complement grid supply.
“It’s a significant decentralisation that promotes efficiency,” Abiodun said.
He noted that states are beginning to explore electricity as a viable source of internally generated revenue (IGR), while also boosting investments in infrastructure.
“As a major Original Equipment Manufacturer (OEM) in Nigeria’s power sector, MEMMCOL, with over 30 years of experience, has continued to champion local innovation and technological advancement,” Abiodun stated.
He applauded the Tinubu administration for initiatives such as. Presidential Metering Initiative (PMI), and the Distribution Sector Recovery Programme (DISREP).
Others, he said, are National Mass Metering Programme (NMMP) and the Meter Asset Financing (MAF)
“These programmes aim to close the metering gap and improve DisCos’ revenue collection efficiency — key to sustaining the entire power value chain,” he explained.
However, Abiodun urged the Federal Government to direct more support toward local production of energy meters rather than relying on imports.
“We have 54 licensed meter manufacturers in Nigeria. Local sourcing creates jobs, supports economic growth, and guarantees after-sales service — something international procurement cannot provide.”
He emphasised that embracing Nigerian-made products is essential to boosting GDP, strengthening the Naira, and building a self-reliant energy industry.
Abiodun also called for continued engagement between government and private stakeholders to ensure policies are realistic, inclusive, and capable of delivering sustainable energy solutions.
Also speaking on recent reforms, Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), said that Nigeria’s oil and gas sector is witnessing renewed momentum
Yusuf said that this is attributable to the implementation of the Petroleum Industry Act (PIA) and bold policies of the current administration.
He noted that reforms in both the upstream and downstream segments are already attracting investment, improving security, and stabilizing production.
“Incentives in deep offshore and gas development are working.
“Crude oil output is improving, and we’re inching closer to our OPEC quota,” he said.
He attributed part of this progress to improved security in the Niger Delta, citing collaboration between host communities and security agencies, and the creation of the Host Community Development Trust Fund, which is fostering local ownership and stability.
In spite of these gains, Yusuf acknowledged ongoing resistance in the downstream sector.
“Subsidy beneficiaries and other entrenched interests are resisting deregulation. Labor unions, depot owners, and rent-seekers are fighting to maintain the old order.”
He praised the inauguration of the Dangote Refinery as a milestone, but stressed that full reform requires the government to stand firm against pressures that threaten deregulation.
Yusuf identified institutional bottlenecks as a major hurdle — especially the government’s failure to consistently meet joint venture cash call obligations, which delays projects and deters investors.
“To truly unlock value, the sector must move toward a governance model similar to that of NLNG, insulating it from political interference and promoting professionalism.”
He called for digitalisation across the value chain to improve transparency, curb corruption, and enhance operational efficiency.
Looking ahead, Yusuf advised a balanced energy transition, warning against the premature abandonment of fossil fuels.
“We must maximize value from oil and gas while gradually building capacity in renewables. A dual approach is not only pragmatic but essential for our economic stability.”
He urged the government to maintain continuous dialogue with stakeholders, ensure policy consistency, and invest in local content development — both in the power and petroleum sectors.
“With firm political will, stakeholder collaboration, and smart investments, Nigeria can build a truly sustainable and investor-friendly energy sector,” Yusuf said.
