Nigerian Minister of Power, Adebayo Adelabu, has said the government is addressing the long-standing metering gap through the Presidential Metering Initiative, backed by ₦700 billion mobilised through the Federal Account Allocation Committee and additional $500 million World Bank facility, with procurement processes already underway to deliver millions of meters nationwide.
Adelabu, also said Nigeria's sector revenue grew by 70 percent in 2024, while government liabilities were reduced by about ₦700 billion, reflecting improved efficiency and cost recovery mechanisms.
Speaking on Thursday in Abuja during the commissioning of the new headquarters of the Nigeria Electricity Liability Management Company(NELMCO), the Minister described the ongoing changes as deliberate steps to build a viable and investor-friendly electricity market.
He noted that the Electricity Act 2023, has enabled the decentralisation of the sector and opened the door for subnational participatio which , has already led to the activation of 16 state electricity markets, while also stimulating competition and innovation within the industry.
According to his Special Adviser, Strategic Communications and Media Relations, the Minister added that the development of a National Integrated Electricity Policy, the first in over two decades, now provides a unified framework for implementing the Act, strengthening coordination between federal and state governments and accelerating access to reliable and affordable electricity.
Adelabu disclosed that the reforms have attracted windsorr $2 billion in fresh investments into the sector, while ongoing efforts to transition the industry towards full commercialisation have significantly improved its financial outlook.
The Minister also pointed to improvements in generation capacity, which has increased from 13 gigawatts to 14 gigawatts, alongside record operational milestones, including a peak generation of 5,801.44 megawatts.
Adelabu revealed that Nigeria has successfully carried out the synchronisation of its national grid with those of other ECOWAS countries following a four-hour uninterrupted test run.
He said the development underscores the growing stability and technical capacity of the nation’s electricity system and signals readiness for expanded regional power exchange.
He described the commissioning of NELMCO’s new headquarters as more than the unveiling of a building, noting that it represents a reinforcement of the institutional and financial backbone required to sustain the reform process.
The Minister commended the agency for its role in stabilising the sector, disclosing that it has reduced inherited liabilities from ₦2.303 trillion to ₦146.76 billion and delivered over ₦700 billion in savings to the Federal Government through rigorous verification and reconciliation processes.
He added that NELMCO has also significantly reduced ground rent claims from ₦644 billion to ₦41.8 billion and achieved a 45 percent reduction in post-privatisation liabilities owed by Ministries, Departments and Agencies to electricity distribution companies, further strengthening liquidity and investor confidence in the Nigeria Electricity Supply Industry.