By Onu Okorie

Federal Government has called on local and international investors to deepen their investment in Nigeria’s electricity sector, declaring that ongoing reforms are laying the foundation for a financially sustainable and investment-driven power market capable of supporting the country’s industrial growth.

Speaking at an investment event on the electricity sector, the Minister of power, Chief Joseph Olasunkanmi Tegbe.said reliable electricity remained central to Nigeria’s economic transformation, stressing that sustainable economic growth could only be achieved through a commercially viable electricity market.

He said the administration of President Bola Ahmed Tinubu was implementing far-reaching reforms under the Electricity Act, 2023, to reposition the Nigerian Electricity Supply Industry into an investment-grade sector.

According to him, the reforms include promoting competition in the electricity market, empowering state governments to participate in electricity regulation, expanding transmission infrastructure, accelerating renewable energy deployment, strengthening regulatory certainty and improving governance across the industry’s value chain.

The minister noted that the reforms were already changing investors’ perception of Nigeria’s power sector but acknowledged that unresolved historical financial obligations had continued to discourage fresh investments.

He explained that Project Hoover was designed as an economic reform initiative aimed at addressing those legacy liabilities rather than serving as a conventional financing programme.

Describing the initiative as a unique investment opportunity, the minister said it would enable investors to contribute to the stabilisation of one of Africa’s largest electricity markets while supporting reforms expected to deliver long-term economic value.

He recalled that the N501 billion Series 1 issuance launched earlier this year was oversubscribed, describing it as a demonstration of investors’ confidence in the Federal Government’s reform agenda.

“Our destination is clear—a financially sustainable, investment-led electricity market that powers Nigeria’s industrial renaissance,” he said, urging investors to view the latest offering as more than a fixed-income instrument but as a partnership with the Federal Government in rebuilding the nation’s electricity sector.

The minister also praised the collaboration between the Ministry of Power and the Ministry of Finance and Coordinating Ministry of the Economy, describing power sector reform as a critical component of Nigeria’s broader economic reform programme.

He further commended the Special Adviser to the President on Oil and Gas for coordinating key stakeholders, while acknowledging the contributions of the Nigerian Bulk Electricity Trading Plc (NBET), the Debt Management Office (DMO), financial advisers and transaction partners for developing the investment framework.

Reaffirming the government’s commitment to restoring the commercial foundations of the electricity industry, the minister invited investors to strengthen their participation in what he described as a sector undergoing comprehensive reforms with significant long-term opportunities for growth and returns.