Nigeria’s Electric Power Sector Reform (EPSR) Act authorizes the country’s 11 power distribution companies and six power generation companies to raise funds from the capital markets, says Nigeria’s Minister of Power, Professor Chinedu Nebo.
Chinedu Nebo, while speaking at the opening ceremony of the 11th Annual West African Power Industry Convention (WAPIC) in Lagos on Tuesday, said that one of the main objectives of Nigeria’s power sector reforms is to encourage investment programs that lead to management by the private sector, with government providing the enabling environment.
The implementation of the EPSR Act, Nebo explained, led to the establishment of Nigerian Electricity Regulatory Commission (NERC). The NERC is mandated to carry out the monitoring and regulation of Nigeria’s power sector, issue licenses to market participants, and ensure compliance with market rules and operating guidelines.
“Investors can participate in the following schemes: Independent Power Project; Build, Operate, and Transfer; Rehabilitate, Operate and Transfer; and the production of various materials such as transformers, cables, insulators, LED bulbs, and other services needed to support the anticipated exponential growth in the operation of the new power generation companies in the country,” the minister stated.