In recent times, legislative actions have been taken to reshape the Nigerian Electricity Supply Industry (“NESI”) with a view to realign post-privatisation issues and expectations of stakeholders in the NESI. On 17th March, 2023, the Constitution of the Federal Republic of Nigeria (Fifth Alteration) Act, 2023 (“Constitution Alteration Act”) was assented into law by the immediate past President of the Federal Republic of Nigeria, Muhammadu Buhari.
In furtherance of the goal of providing a framework to guide the NESI in its post-privatisation phase, President Bola Ahmed Tinubu on 9th June, 2023, assented to the Electricity Act, 2023 which repeals the Electric Power Sector Reform Act, 2005 (“EPSRA”). Amongst other things, the Electricity Act consolidates extant legislation and regulations in the NESI in a bid to provide an omnibus regulatory framework governing the NESI which would in turn, encourage private sector investment in the electricity industry. Some of the key innovations of the Electricity Act 2003 have been highlighted here.