Nigeria’s energy market huge, attractive – Onuigbo urges investors
Sam Onuigbo, the Southeast representative on the governing board of the North East Development Commission (NEDC), has called on foreign and local investors to take advantage of the huge energy market in Nigeria.
According to NAN, Onuigbo disclosed this recently after the 2023 Africa Climate Summit’s Parliamentarians Dialogue.
He expressed worry that over 40 per cent of Nigerians still do not have access to electricity, while he was optimistic that the recently signed Electricity Act 2023 would revamp the country’s power sector.
He said: “Over 40 per cent of Nigeria’s estimated 223 million population do not have access to electricity. With the country possessing abundant raw materials to generate renewable energy, all that is needed is the technology to service the ready market.
“The act has liberalised the energy industry and made it attractive, competitive, and decentralised. And the speed with which the President assented to the Electricity Act 2023 shows his commitment to revolutionising the energy industry.”
DAILY POST recalls that the Electricity Act 2023 was signed into law by President Bola Ahmed Tinubu in June and is expected to serve as a legal framework for growth in the power industry.