- Nigerian Electricity Regulatory Commission (NERC) has granted the states of Enugu, Ondo, and Ekiti authority to manage their electricity markets, marking a significant shift in power sector dynamics.
- The Electricity Hub’s Power Dialogue, themed “State Electricity Market: The Future of Nigeria’s Power Sector,” featured insightful discussions from industry leaders. The dialogue highlighted Enugu’s proactive energy policies and Benue’s strategic approach to power as a commodity.
- Nigeria’s Off-Grid Market Acceleration Program (NOMAP) aims to narrow electricity gaps by empowering private market actors and advocating for renewable energy integration, emphasizing innovative financing and policy frameworks.
In a recent groundbreaking decision, the Nigerian Electricity Regulatory Commission (NERC) has given Enugu, Ondo, and Ekiti states the green light to manage their electricity markets. This pivotal decision has garnered praise from industry experts who gathered at the 93rd Power Dialogue, hosted by the Electricity Hub, a subsidiary of Nextier, on April 24.
Under the theme “State Electricity Market: The Future of Nigeria’s Power Sector,” the dialogue, expertly moderated by Emeka Okpukpara, Partner at Nextier, showcased insightful discussions from esteemed panellists.
Among them were Louisa Chinedu Okeke, adviser on policy and programme management for the Enugu state government; Omale Omale, Commissioner for Power, Renewable Energy, and Transport in Benue state; and Adedotun Eyinade, program director of the Nigeria Off-Grid Market Acceleration Program (NOMAP).
Okeke highlighted Enugu‘s proactive stance in energy policy even before Governor Peter Mbah’s tenure. She emphasized the recent milestone of receiving NERC’s directive, foreseeing it as a catalyst for enhancing energy security and access. Enugu aims to boost investment and economic growth through robust power infrastructure, leveraging the Electricity Act to reduce energy poverty and improve market accessibility.
Addressing the sustainability imperative, Omale underscored Benue’s strategic pivot towards power as a commodity rather than a utility. In establishing the Ministry of Power, Renewable Energy, and Transport, Benue aims to revitalize its economy and improve livelihoods through enhanced power availability. Omale stressed the importance of aligning state policies with federal mandates to attract investors while safeguarding consumer interests.
Eyinade illuminated NOMAP’s mission to bridge energy access disparities, particularly for off-grid communities. By empowering private market actors and advocating for renewable energy integration, NOMAP aims to narrow electricity gaps nationwide. Eyinade emphasized the critical role of innovative financing models and policy frameworks in scaling decentralized renewables and fostering financial inclusion.
From a forward-looking perspective, Okpukpara emphasized the importance of revenue assurance mechanisms and technological advancements in ensuring the viability of state electricity markets. He stressed the need for transparent data management and widespread metering to facilitate efficient transactions between buyers and sellers.
As Nigeria embarks on this transformative journey towards decentralized electricity markets, the collective efforts of policymakers, regulators, and industry stakeholders promise a brighter, more electrified future for all Nigerians.