The Minister of Power, Chief Adebayo Adelabu, has described the Electricity Act 2023 as a historic turning point for Nigeria’s electricity sector.
Delivering a keynote address at the 12th edition of the Nigeria Energy Exhibition in Lagos, Adelabu reaffirmed the Federal Government’s commitment to implementing the Act and deepening private sector participation in the power industry.
“Nigeria stands at a historic turning point in its energy transition journey. With the Electricity Act 2023, we are unlocking state-led power generation, decentralized energy markets, and increased private sector participation,” the Minister stated.
Adelabu explained that the Ministry’s vision aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which emphasizes economic revitalization through enterprise, innovation, and shared prosperity.He added that the ultimate goal is to build a power sector anchored on collaboration, innovation, and transparency to deliver lasting progress.
“The reforms underway are designed to open new doors for investment while improving reliability and access across all levels,” he said.
Over 8,500 energy professionals converged at the event, which officially opened on Tuesday, marking West Africa’s largest gathering of power sector stakeholders under the theme: “Powering Nigeria Through Investment, Innovation and Partnership.”
In his welcome address, Ade Yesufu, Exhibition Director, Energy Portfolio – MEA, Informa Markets, highlighted the summit’s growing importance as a national platform driving the country’s energy transition.
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“For over a decade, this platform has brought together the most influential voices shaping the future of Nigeria’s economy. Today, it stands not just as a conference but as a national platform for progress — a meeting point for government, private sector investors, regulators, innovators, and global partners united by one purpose: delivering reliable and sustainable power for Nigeria and for Africa,” he said.
Also speaking at the event, Governor Babajide Sanwo-Olu of Lagos State, represented by Biodun Ogunleye, Commissioner, Lagos State Ministry of Energy and Mineral Resources, emphasized the importance of sub-national leadership in Nigeria’s power sector reform.
“With the recent passage of the Lagos State Electricity Law 2024, Lagos has made it clear that we are ready to take on a significantly larger role in reforming and restructuring our power sector. This law sets the stage for a cleaner Lagos and a localized market, establishing an institutional framework with a state-level independent system operator, regulatory oversight, and welcoming private sector participation,” he explained.
Sanwo-Olu reaffirmed Lagos State’s vision of becoming a model 21st-century city powered by reliable, affordable, and clean energy, ensuring universal access to power for homes, businesses, and schools.
