The chief executive of Genesis Energy Group, Mr Akinwole Omoboriowo, has highlighted the importance of policy reforms, market efficiency, and collaboration in driving Nigeria’s power sector transformation.
Speaking at the 2025 Nigeria Energy Leadership Summit organised in Lagos recently by Informa Markets, he disclosed that for Nigeria, it has already come up with good policies that have attracted more investments into the sector.
“For decades, Nigeria’s power sector has been characterised by immense potential but persistent challenges.
“With the introduction of the Electricity Act 2023, we now have a clear and enduring framework that defines how the sector will grow and operate,” he said at the event themed Powering Nigeria through Investment, Innovation and Partnership.
Speaking further in his keynote address titled Reimagining Investment in the Nigerian Electricity Supply Industry, the energy expert informed the audience that, “For the first time, sub-national governments can establish their own electricity markets, tailoring solutions to their unique economic needs.”
“The Act also gives legal recognition to off-grid and mini-grid projects, transforming them from pilot schemes into viable, bankable investment opportunities.
“This clarity is restoring investor confidence and creating space for innovation and competition across the value chain. These are the foundations of NESI 2.0 — a new, decentralised energy system built on policy certainty, private capital, and shared ambition,” he remarked at the programme, which had policymakers, financiers, and industry leaders in attendance.
Stakeholders gathered for the summit to discuss pathways for sustainable electricity supply in the country.
“At Genesis Energy, we are already translating these reforms into tangible results through partnerships that demonstrate what is possible when policy meets execution. Earlier this year, we signed a $500 million Memorandum of Understanding with the Katsina State Government to deploy large-scale solar photovoltaic and battery storage systems across the state.
“The first phase of this project powers the Katsina State General Hospital entirely through solar and battery systems, while the state government complex now operates on a hybridised model that delivers uninterrupted electricity. This initiative has already generated measurable outcomes — including an annual cost saving of over ₦3 billion and significant improvements in service reliability.
“Beyond cost savings, it shows how decentralised, state-led energy projects can strengthen local economies, create jobs, and enhance social infrastructure.
“These are not isolated interventions but signals of a maturing market — one where private capital and public policy are working in true alignment to power Nigeria’s growth,” Mr Omoboriowo noted.
In his remarks, the Minister of Power, Mr Adebayo Adelabu, further highlighted the role of public-private sector partnership in advancing the energy sector.
“The responsibility of providing stable electricity can never be left in the hands of the federal government alone. Given the level of investment required in this sector, we need private infusion, both local and foreign.
“We must engage local and foreign investors at the state level to establish generation, transmission, distribution, and off-grid solutions. This is especially critical for rural, unserved, and semi-urban communities.
“States now have the autonomy to develop their own power projects, including small hydro, solar, wind, or other generation options, and with partnerships with companies such as Genesis Energy, we can mobilize the expertise and technology, to make these projects successful. By doing this, we can guarantee energy security and unlock opportunities for local economic growth,” the Minister stated.