Electricity Act, game changer to industry- World Stage CEO

Chief Executive Officer, World Stage Ltd., Segun Adeleye, on Monday said the new electricity act would be the game changer to bridge the huge supply gap in the electricity industry.

Adeleye, also a media consultant, in a statement issued in Lagos, said that the electricity industry is characterised by huge supply gap due to dilapidated power infrastructure and poor distributions networks.

He explained that issues in the power sector were inexhaustible, as a result of the frustration of the operators and the concerns of consumers.

According to him, the Nigerian Electricity Supply Industry (NESI) has undergone fundamental changes over the past few years through the implementation of the government’s reform programme.

“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 a national dialogue on electricity to review the whole value chain of the electricity business on Aug. 30 in Lagos.

“The summit will address the challenges and opportunities that the new law will inspire, ” he said.
Adeleye stated that the dialogue is coming at a time when the Nigerian Electricity Regulatory Commission (NERC) is actively engaging the 11 successor DisCos on their request for tariff review.

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He noted that many consumers are also calling for an effective metering plan and fair deal, following an alleged extortive practice of estimated and arbitrary billing by the DisCos.

According to him, manufacturers in the country had 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).

Adeleye said the dialogue would be open for all stakeholders in the economy to deliberate on issues such as meeting power transmission beds, sustainable electricity pool, enforcing technical standard and regulation and inspection, among others.

He said participants of the summit would be drawn from the Nigerian Electricity Supply Industry (NESI), Federal Government, National Assembly, MDAs, state governments, organised private sector, local and foreign investors, media and other relevant stakeholders.