The Minister of Power, Chief Joseph Tegbe, has called on investors to scale up their stake in Nigeria’s electricity sector, saying ongoing reforms have “properly fixed” the market and made it commercially viable.
Tegbe made the call on Monday in Abuja while delivering the keynote at the Project Hoover Series II Investor Forum.
The Minister said the administration’s reforms are changing the investment narrative in the Nigerian Electricity Supply Industry, NESI.
“Permit me to begin with a simple proposition: there can be no sustained economic growth without reliable electricity, and there can be no reliable electricity without financially sustainable markets,” Tegbe stated.
“That is the philosophy underpinning the reforms we are pursuing in the Nigerian Electricity Supply Industry.
“The Federal Government has been unequivocal in its commitment to repositioning the power sector as a commercially viable and investment-grade industry. Under the leadership of President Bola Ahmed Tinubu, GCFR, and through the implementation of the Electricity Act, 2023, we are fundamentally reshaping the architecture of the sector.”
He listed the reform pillars: fostering a more competitive market, empowering sub-national governments, expanding transmission infrastructure, accelerating renewable energy deployment, strengthening regulatory certainty, and improving governance across the value chain.
Tegbe noted that no market can attract fresh capital while burdened by unresolved historical obligations. That, he said, is why Project Hoover was designed as an economic reform instrument.
“This project, therefore, offers a unique opportunity to investors to participate in the stabilisation of one of Africa’s largest electricity markets whilst contributing to reforms that will generate enduring economic value,” he said.
He recalled that in January, investors subscribed to the ₦501 billion Series 1 issuance, which was oversubscribed.
“In fact, that issuance was oversubscribed. You took a position on the word of the Federal Government of Nigeria.”
“Our destination is clear: a financially sustainable, investment-led electricity market that powers Nigeria’s industrial renaissance. Therefore, I encourage you to see this offering beyond a mere fixed-income instrument. It should be viewed as an opportunity to partner with the Federal Government in writing the next chapter of our economic story.”
The Minister commended the Honourable Minister of Finance and Coordinating Minister of the Economy for his partnership, noting that “power sector reform is, at its core, economic reform.”
He also acknowledged the Special Adviser to the President on Oil and Gas for driving stakeholder alignment, and the Nigerian Bulk Electricity Trading Plc, NBET, and the Debt Management Office, DMO, for their technical stewardship.
“I equally acknowledge our financial advisers and transaction partners. Their expertise, ingenuity and commitment to international best practice have helped structure an instrument that inspires confidence, meets market expectations and advances Nigeria’s reform agenda,” Tegbe added.
“Today, I invite you all to deepen your investment position in our power sector a sector that is being fixed properly, at last.”
