The Minister of Power, Adebayo Adelabu, has announced that the Federal Government has attracted over $2 billion dollars in new investments following major reforms in the power sector under the Electricity Act 2023. The revelation came during PwC’s Annual Power and Utilities Roundtable 2025 in Lagos, where the minister outlined Nigeria’s evolving electricity market.
Adelabu explained that the sector is transitioning from a centralised system to a dynamic, multi-tier market, allowing states to develop and regulate their own electricity frameworks.
The minister highlighted early successes in states like Enugu and Lagos, where subnational electricity markets are already creating new opportunities and shaping development pathways. He also cited the first successful synchronisation of the Nigerian grid with the West African Power Pool as a milestone reinforcing investor confidence.
Adelabu noted that the Electricity Act 2023 has enabled states and private investors to unlock further funding and drive sustainable growth in Nigeria’s power industry.
