A Professor of Energy and Electricity Law, at the University of Lagos (UNILAG), Prof. Yemi Oke has said that the amended electricity act signed into law by President Bola Tinubu is strategic in driving Nigeria’s energy sector.
The university Don and lawyer disclosed this on Saturday during the Naijaonpoint Energy Outlook event held virtually on April 27, 2024.
The event tagged, “Harnessing Nigeria’s Energy Sector to Supercharge Our Economic Growth, drew experts to brainstorm ideas that would move the energy sector forward for the betterment of Nigeria.
Oke explained that the amended law was germane following the need to put into operation legislation that would drive the power sector to its desired destination.
The don added that the new law was a win-win for the power sector because a number of issues associated with the old law had been taken care of, adding that it was the “first key change” orchestrated by the Tinubu administration.
Oke also acknowledged the bold move by the current administration to subsidies power, saying it was a wise decision against waste.
He said,
The professor maintained that even though technical and operational issues still persist in the power sector, the strategic move of signing the amended electricity bill and removing subsidies in the power sector has set the nation on the right track.
“Now this current administration took it up and acted decisively. The body language now is that if we continue the way we are going, we will most likely get most of the challenges in the power sector solved.
“There are technical issues in the power sector, there are regulatory issues, there are operational issues, so many issues but we have to take one step at a time,” he added.