The Minister of Power, Joseph Tegbe, on Tuesday called on investors to back the federal government’s power sector reform agenda aimed at making the sector commercially viable.
Speaking at the Project Hoover Series II Investor Forum in Abuja on Tuesday, Mr Tegbe said reliable electricity is the foundation for sustained economic growth, and that reforms under President Bola Tinubu are reshaping the Nigerian Electricity Supply Industry (NESI).
“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,” Mr Tegbe said.
He said the government’s philosophy is clear: “there can be no sustained economic growth without reliable electricity, and there can be no reliable electricity without financially sustainable markets”
“That is the philosophy underpinning the reforms we are pursuing in the Nigerian Electricity Supply Industry,” he said.
According to him, the Electricity Act 2023 is driving a fundamental reshaping of the sector.
“We are fostering a more competitive electricity market, empowering sub-national governments, expanding transmission infrastructure, accelerating renewable energy deployment, strengthening regulatory certainty, and improving governance across the value chain. These reforms are already changing the investment narrative,” he added.
The minister acknowledged that no market can sustainably attract fresh capital whilst carrying the weight of unresolved historical obligations.
“This is the rationale behind Project Hoover as an economic reform instrument rather than a financing transaction.
“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.
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He noted that the Series 1 issuance in January raised N501 billion and was oversubscribed, adding that investors “took a position on the word of the Federal Government of Nigeria.”
Call for investment
The minister urged investors to see the Series II offering beyond a fixed-income instrument and as a partnership with the government to drive industrial growth.
“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.
“I invite you to put your confidence and your capital behind a reform agenda that is restoring the commercial foundations of Nigeria’s electricity sector and unlocking the immense opportunities that lie ahead,” he said.
