TheCable

The Nigeria Governor’s Forum (NGF) says it will partner with the British High Commission to organise a roundtable on how to navigate the challenges posed by the new Electricity Act 2023.

In a statement on Tuesday, the NGF said the roundtable is themed ‘Electricity Act 2023: Implications and Opportunities for State Electricity Markets’. 

The NGF said the roundtable, slated for Wednesday and Thursday, is part of the governors’ proactive move to identify strengths, weaknesses, opportunities, and threats within the new law.

The forum said the goal of the meeting is to develop effective strategies to navigate emerging obstacles and ensure sustainable progress in the power sector.

The governors said the roundtable will also “raise awareness around mechanisms in place at the NGF to support state electricity markets. 

Further speaking on the objectives of the meeting, the NGF said:“To take stock of ongoing state-specific initiatives in the Power sector.”

“To explore regional and international best practice examples for implementing sub-national electricity markets from countries with relevant electricity market structures.

“To identify potential entry points for regional initiatives and collaboration going forward.

According to the forum, the roundtable will also categorise states’ readiness for a market “into Red, Yellow, and Green each with an indicative assessment of gaps that need to be addressed”. 

On June 9, 2023, President Bola Tinubu signed the Nigeria Electricity Act of 2023 into law, to demonopolise Nigeria’s electricity sector. 

President Muhammadu Buhari had signed 16 constitutional amendments in 2022, one of which pertains to the devolution of powers (national grid system) — clarifying the powers of the federal government and states to generate, transmit, and distribute electricity.