As stakeholders in the Nigerian economy take stock of the recently signed Nigeria Electricity Act 2023 by President Bola Tinubu with the hope that it will address the multifarious challenges across the electric power sector, the WorldStage Economic Summit (WES) has resolved to host ‘National Dialogue on Electricity’ as its theme for this year.
The national dialogue which will review the whole value chain of the electricity business regarding the challenges and opportunities that the new law will inspire, will hold on Wednesday, August 30, 2023 at the Event Centre, Nigerian Exchange Limited, 2/4 Customs Street, Lagos by 10.00 AM.
The Nigerian Electricity Supply Industry (NESI) has undergone fundamental changes over the past few years through the implementation of the government’s reform programme with structure that consists of the Federal Ministry of Power, Nigerian Electricity Regulatory Commission, Electricity Generation Companies (GenCos), Transmission Company of Nigeria (TCN); Electricity Distribution Companies(DisCos); Nigerian Bulk Electricity Trading Plc; Gas Aggregator Company of Nigeria; and Nigerian Electricity Management Service Agency (NEMSA).
The dialogue is coming at a time when the NERC is actively engaging the 11 successor DisCos on their request for tariff review, as many consumers are alleging extortive practice of estimated/arbitrary billing while calling for an effective metering plan and fair deal.
Mr Segun Adeleye, President/CEO, World Stage Limited, the organizers of the summit in a statement said the issues in the power sector are inexhaustible going by the frustration of the operators and the concerns of consumers including manufacturers that put their annual economic loss to epileptic power supply at about N10.1 trillion or two per cent share of the country’s Gross Domestic Product (GDP).
He said while the electricity industry is characterized by huge supply-gap due to dilapidated power infrastructure and poor distributions networks, the new electricity act could be the game changer moreso when the federal government has affirmed to treat adequate energy as a topmost national economic priority.
Adeleye said the dialogue will be open and frank for all stakeholders in the economy to deliberate on issues such as Meeting Power Transmission Needs; A sustainable electricity pool; Enforcing Technical Standard & Regulation, Inspection, Testing and Certification; Meeting the Nation’s needs across entire spectrum of energy value chain; Maintaining balance in gas supply for power generation; Meeting the Electricity Transmission Needs, The renewable energy option; An enabling environment for power generation; Sustainable tariff for electricity supply; Sustainable power supply with PPP; Achieving Energy Sufficiency With Equitable Local Content; Consumer protection; Attracting the right investments to the electricity sector, among others.
Participants in the summit are expected from the Nigerian Electricity Supply Industry (NESI), Federal Government, National Assembly, MGAs, state governments, organized private sector, local and foreign investors, media and other relevant stakeholders.
The WorldStage Economic Summit is conceived to address economic challenges through diagnoses and application of practicable solutions with public and private sector engagement in a research and innovation driven platform to inspire new thinking in business initiative, policy formulation/implementation, economic reform and development.