Nigeria’s current power reforms, have been praised as a step in the right direction. Speaking with Journalists during a sideline interview, at the 2025 Annual Business Summit of the Capital Market Solicitors Association (CMSA), which held on June 25 at the Oriental Hotel in Victoria Island, Lagos, former Governor of Bauchi State, Mohammed Abubakar, SAN, applauded the constitutional amendment and Electricity Act reforms, which now empower State Governments (“subnationals”) to generate, transmit, and distribute electricity independently of the Federal Government.
He maintained that the recent amendment of the Constitution, removing power from the exclusive list and taking it to the concurrent legislative list, has now opened up space for sub-nationals to participate in this sector. Coupled with the fact that the Electricity Act was also amended, and it has been made receptive for participation by sub-nationals in the sector.
“As it is, if you have heard, already some sub-nationals, some States, are gearing up to participate fully in this sector.
“And I feel happy about that, happy for Nigerians, that probably for the first time, we are going to conquer this issue of stable power supply in Nigeria.”
Further, he said: “In the past, you could only generate electricity outside the Federal Government, but, you cannot distribute electricity. But, today, you can do all that. And, in doing that, the Act has allowed you to attract investment from outside Nigeria to be able to stabilise power supply”.
Also speaking along the same lines, Chief Anthony Idigbe, SAN further noted that, the power sector reforms are about the last of the reforms needed to free the economy.
“Energy is one of the last remaining areas for resolution. The Government has successfully resolved the exchange rate differentials and fuel subsidy, but what people don’t know is that there is a great subsidy issue in energy as well. And, the current power reform, gives us the opportunity to address it.’’
Idigbe, who further spoke on the economic and investment opportunities that the reforms presents, added that very soon, electric tariff will come down and Nigerians will be better off because of the incoming investment.
In her Keynote Address, the Hon. Minister of State Finance, Dr Doris Uzoka–Anite, who was represented by Mr Peter Olusegun Awoyemi, a Director in the Ministry of Finance, expressed her appreciation to the CMSA for the consistent stewardship of the legal framework that underpins the nation’s financial architecture.
“Your dedication since 2001 has ensured that the legal ecosystem of our capital market, remains dynamic and responsive to emerging realities.’’
Speaking on the Investment and Securities Act 2025, which is the theme of the Conference, the Minister said that the unveiling of the Investment and Securities Act 2025 represents more than legislative housekeeping, as it is a transformational moment in the trajectory of Nigeria’s financial and capital market reforms.
“By repealing the 2007 Act, this new legislation arrives at a critical juncture when Nigeria’s market must compete for capital, defend investor confidence, and align with global best practices’’, Dr Uzoka–Anite stated further.
The well attended Conference had plenary sessions where discussions where centred on law, security, power, investments, and the challenges facing the economy.