- The stakeholders stressed the need for the Electricity Act to provide the policy framework to address the metering gap.
- States were urged to exercise caution and assess their readiness for implementation.
Industry leaders, executives, and stakeholders in the power sector have said that the Electricity Act 2023 can accelerate combating climate change and renewable energy agenda. The stakeholders disclosed this at the 14th edition of its Annual Power and Utilities Roundtable, with the theme “The Electricity Act 2023: Powering Nigeria”, hosted by PricewaterCooper (PwC) Nigeria, in Lagos. They commended the Act and proposed vital amendments to enhance the legislative framework.
During the event, the partner and energy, utilities and resources leader of PwC Nigeria, Pedro Omontuemhen, said the Electricity Act could play a pivotal role in addressing challenges by guiding the utilisation of natural resources with the reduction of carbon emissions. He added that it could also show how Nigeria can generate, transmit, and distribute adequate power to meet its energy needs. However, he noted that the government needs to do more to enhance the legislation and make the Act more responsive to the realities of industry practitioners. In this regard, the Act must provide the policy framework to implement practical solutions to the metering gap.
On his part, partner and finance advisory leader Bimbola Banjo, PwC Nigeria, added, “While there is an urgency to adopt the Electricity Act, states must exercise caution and assess their readiness for implementation. The adoption process will incur significant costs, including engaging legal and commercial advisors, and require substantial investments in technology, human resources, and establishing state-level structures.”