The Minister of Power, Chief Adedayo Adelabu, on Tuesday, applauded the Nigerian judiciary for playing a vital role in attracting private investment to the power sector of the economy.
Adelabu, gave the commendation during the Nigerian Electricity Regulatory Commission, (NERC)’s 4th seminar for Judges, held at the National Judiciary Institute, Mohammed Bello Centre, Airport Road, Abuja.
The minister pointed out that the Nigerian judiciary has helped the Nigerian Electricity Supply Industry, NESI, with notable pronouncements and the act of the judiciary goes far in attracting private investment in the power sector.
He said that in the financial services industry, investments will only follow certainty; and there appears to be no greater means of providing certainty than predictable, clear and logical judicial precedent that is dispensed by a competent bench.
“As we navigate our path towards a more commercially viable electricity market that is characterised by legal and contractual obligations, the imperative to understand the peculiar and nuanced nature of a regulated electricity market becomes even more imperative.
“This seminar is part of the broader vision of the Commission and NJI to engage the members of the judiciary on important developments in the sector.
“The judiciary’s pivotal role, through notable pronouncements, contributes significantly to attracting private investment in the power sector,” he said.
Adelabu recalled that Nigeria had started on the journey towards critical reforms in the power sector towards producing revolutionary results.
“Prior administrations have contributed immensely in this regard but the legislative changes that have occurred in the past year have placed the sector on the path of a total paradigm shift.
“The notable legislative changes have been the amendment of the Constitution of the Federal Republic of Nigeria with the granting of unfettered powers to sub-nationals to develop electricity markets within their jurisdictions and the Electricity Act 2023 that was assented to by Mr President in the first month of his administration.
“The Electricity Act 2023 introduces far-reaching features that propel market liberalisation, extend regulatory reach, and establish a more coherent policy framework that will mitigate of the operational and systemic risks in NESI,” he said.
