The Federal Government, PwC Nigeria, and other industry stakeholders have emphasised the need for collaboration among regulators and operators to enhance electricity supply across the country.

This was highlighted during PwC Nigeria’s 15th Annual Power and Utilities Roundtable, which brought together industry leaders to discuss strategies for operationalising Nigeria’s recent power reforms under the Electricity Act 2023. The forum was themed: “Nigeria’s multi-tier electricity market: Imperatives for successful evolution.”

Speaking at the event, Minister of Power Adebayo Adelabu said,
“Under President Bola Ahmed Tinubu’s Renewed Hope agenda, Nigeria’s power sector has entered a new phase marked by decentralisation, liberalisation, market and tariff reforms, and a transition from a single national market to a multi-tiered, multi-actor electricity ecosystem.”

He noted that the Electricity Act 2023 empowers sub-national governments to collaborate with private investors to generate, transmit, and distribute electricity locally, creating opportunities for innovation and investment as state electricity markets develop at different paces.

Pedro Omontuemhen, Partner and Leader for Energy, Utilities and Resources at PwC Nigeria, added:
“The success of the multi-tier market will depend on effective implementation of reforms. Decentralisation is key to achieving Nigeria’s electrification and sustainability goals, enabling localised solutions that align with national objectives. Collaboration among stakeholders and regional coordination will be crucial to strengthen oversight and sector performance.”

Bimbola Banjo, Partner, Energy and Resources at PwC Nigeria, highlighted the shifting market dynamics:
“In a liberalised, sub-nationally regulated power market, competition is being redefined. State-level licensing, sub-franchise models, and the separation of distribution and supply are transforming Nigeria’s Electricity Supply Industry (NESI). Success now depends on operational excellence, commercial agility, customer satisfaction, and leveraging AI and business model reinvention.”

The discussions underscored the importance of stakeholder clarity, purposeful execution, and technological adoption as Nigeria transitions to a more decentralised and efficient power sector.