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The 2023 Electricity Act will end the national monopoly on electricity production, transmission, and distribution.
The electricity bill has been signed into law by President Bola Tinubu, enabling state governments, businesses, and private citizens to produce, transfer, and distribute electricity.
The Electricity and Power Sector Reform Act of 2005 has been repealed by the law, which was approved in July 2022.
The primary objective of the bill is to develop a thorough legislative and institutional framework to direct the Nigerian Electricity Supply Industry (NESI).
The 2023 Power Act, which has already become law, would de-monopolize power generation, transmission, and distribution on a nationwide scale.
This indicates that the federal government will provide state governments the constitutional right to pass legislation allowing them to produce, transmit, and distribute power inside their borders.
The right to run power plants and mini-grids inside a state will also be granted by state governments to private companies.
