Leading professional services firm, PwC Nigeria, has commended the Electricity Act 2023, and proposed key amendments to enhance the legislative framework.
This was stated at the 14th edition of its Annual Power and Utilities Roundtable, held in Lagos.
The firms affirmed that the Electricity Act fosters collaboration among various stakeholders, including state governments and federal government ministries; which will lead to positive outcomes, such as the establishment of suitable investment vehicles, effective fundraising strategies, robust enforcement mechanisms, and enhanced knowledge exchange.
Partner and Finance Advisory Leader, PwC Nigeria, Bimbola Banjo, applauded the transformative impact of the Electricity Act 2023, which has paved the way for state governments to actively participate in the generation, transmission, and distribution of electricity without causing significant overlap of the federal government’s overarching role in the sector.
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Banjo stated further that while there is an urgency to adopt the Electricity Act, states must exercise caution and assess their readiness for implementation.
Partner and Energy, Utilities and Resources Leader, PwC Nigeria, Pedro Omontuemhen, highlighted the urgent need for continued action on climate change, especially in the area of renewable energy.
