The federal government has pledged to achieve a target of 350 gigawatts (GW) of electricity-generating capacity by the year 2043, describing the power sector as the most important among all the assets listed in the National Integrated Infrastructure Master Plan (NIIMP).
The Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, made this declaration in his office in Abuja when the top management staff of the Nigerian Electricity Management Service Agency (NEMSA) visited him.
Bagudu noted that the government has embarked on several reforms to turn the power sector around, stating that the electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the law relating to the Nigerian Electricity Supply Industry (NESI).
The minister added that the Nigeria Electricity Act 2023 also prioritized the implementation of tariffs that accurately reflected the cost and service provided as well as promoted competition in the electricity sector through the use of contracts and rules.’
He added that NEMSA must play a pivotal role in the Nigerian Electricity Supply Industry (NESI), by enforcing technical standards and regulations.