Genesis Energy Group has intensified opinion on the transformation of Nigeria’s power sector, arguing that the groundbreaking Electricity Act (EA) 2023 is the game changer needed to usher in NESI 2.0, a new era of decentralised, clean energy investment.
Speaking at the 2025 Nigeria Energy Leadership Summit, Chairman of Genesis Energy, Akinwole Omoboriowo, highlighted that the Act’s provisions which are state-level power market and recognised mini-grid, are crucial for mobilising private capital and accelerating the nation’s clean-energy transition.
Presenting his keynote address titled “Reimagining Investment in the Nigerian Electricity Supply Industry”, Omoboriowo said “For decades, Nigeria’s power sector has been characterised by immense potential but persistent challenges. With the introduction of the Electricity Act 2023, we now have a clear and enduring framework that defines how the sector will grow and operate.”
According to him, the law, which decentralised electricity regulation, gives states the authority to establish their own electricity markets and formally recognises off-grid and mini-grid projects as bankable assets, changes are restoring investor confidence and enabling “NESI 2.0,” a more competitive and innovation-driven power landscape.
Genesis Energy, a pan-African clean-energy infrastructure developer and asset manager, is among the companies positioning to expand under the new rules. Omoboriowo said policy clarity is already unlocking large-scale collaboration between states and private investors.
Omoboriowo underscored the company’s $500 million memorandum of understanding with the Katsina State Government to deploy solar photovoltaic and battery-storage systems across the state. The first phase has delivered uninterrupted power to the Katsina State General Hospital and hybridised electricity supply to the Government Complex.
“This initiative has already generated measurable outcomes, including an annual cost saving of over N3 billion and significant improvements in service reliability,” Omoboriowo said. “These are not isolated interventions but signals of a maturing market—one where private capital and public policy are working in true alignment to power Nigeria’s growth.”
Adebayo Adelabu, Nigeria’s Minister of Power, echoed the call for deeper private-sector participation, saying the federal government alone cannot mobilise the investment required to stabilise the national grid, expand access and meet rising electricity demand.
“We need private infusion, both local and foreign,” Adelabu said. “States now have the autonomy to develop their own power projects, including small hydro, solar, wind or other generation options, and with partnerships such as those with Genesis Energy, we can mobilise the expertise and technology to make these projects successful.”
The summit, organised by Informa Markets under the patronage of the Ministry of Power, convened policymakers, financiers, regulators and energy providers to examine how investment, innovation and partnership can improve supply reliability and accelerate clean-energy integration. Discussions focused on strategies to boost electricity access and build a secure, diversified energy mix by 2030.