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WorldStage Economic Summit to convene national dialogue on Nigeria’s electricity sector

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The WorldStage Economic Summit (WES) is poised to spearhead a pivotal conversation on Nigeria’s electricity sector, with a ‘National Dialogue on Electricity’ slated as the centerpiece of this year’s summit.

Against the backdrop of the recently enacted Nigeria Electricity Act 2023, signed into law by President Bola Tinubu, stakeholders in the Nigerian economy are gearing up to engage in an in-depth review of the multifaceted challenges and potential opportunities within the electric power landscape.

Scheduled to take place on Wednesday, August 30, 2023, at the Event Centre, Nigerian Exchange Limited, Lagos, the dialogue aims to comprehensively assess the entire electricity value chain. This includes an examination of how the new legislation can catalyze transformative shifts across various segments of the power sector.

The Nigerian Electricity Supply Industry (NESI) has undergone significant transformation in recent years, driven by the government’s reform initiatives.

The sector now encompasses a spectrum of entities, ranging from the Federal Ministry of Power to the 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).

One of the focal points of the dialogue revolves around the ongoing engagement between the Nigerian Electricity Regulatory Commission (NERC) and the 11 successor DisCos. The discussions center on tariff review and addressing consumer concerns about arbitrary billing and inadequate metering.

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Mr. Segun Adeleye, President/CEO of World Stage Limited, the organizing entity behind the summit, emphasized the critical importance of the power sector and the far-reaching implications of its challenges.

With manufacturers estimating annual economic losses of approximately N10.1 trillion or two percent of the country’s Gross Domestic Product (GDP) due to unreliable power supply, the sector’s significance to the nation’s economic well-being cannot be understated.

Adeleye highlighted the potentially transformative impact of the new electricity act, especially in light of the federal government’s commitment to prioritizing robust energy access as a vital driver of economic growth.

The dialogue is poised to address a diverse array of issues spanning power transmission needs, sustainable electricity supply, technical standards enforcement, renewable energy integration, investment attraction, equitable local content utilization, consumer protection, and more.

Anticipating participation from various stakeholders including the Nigerian Electricity Supply Industry (NESI), Federal Government, National Assembly, state governments, private sector, local and foreign investors, and the media, the WorldStage Economic Summit underscores its commitment to fostering economic dialogue, policy formulation, and driving impactful reforms.

WES 2023 marks the 11th iteration of the summit series, an endeavor that continues to provide an essential platform for collaborative engagement, innovative thinking, and actionable insights toward achieving sustained economic development.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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