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Electricity Act: Akpabio Urges Investors To Partner With Govt On Renewable Energy

The Senate President, Godswill Akpabio, is encouraging individuals involved in the renewable energy industry to utilize the opportunities presented by the recently passed Electricity Act 2023. The act was approved by President Bola Tinubu and the government is welcoming partnerships with stakeholders to effectively implement it.

The legislation allows state Houses of Assembly to have independence in creating laws regarding electricity matters.

kpabio made the appeal Monday, during the First Annual Legislative Summit on Renewable Energy in Nigeria, which was organized by the National Institute For Legislative And Democratic Studies (NILDS) and ASOLAR Systems Nigeria Limited.

According to him, the Electricity Act 2023 and the Constitution Alteration Act 2023 present a unique chance for both private and public entities to tap into the potential of renewable energy and transform the country’s electricity industry.

The speaker encouraged investors and other interested parties to utilize the recent changes in the energy industry in order to align with President Tinubu’s dedication to the renewable energy policy.

The speaker expressed that we have come together for the initial Annual Legislative Summit on Renewable Energy in Nigeria, bound by a common goal and a joint objective.

Our gratitude towards them is immeasurable. We are currently facing a critical point in time, where the choices we make now will greatly impact the future of our country and the world that we pass down to future generations.

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The recent approval of both the Electricity Act 2023 and the Constitution Alteration Act 2023 has presented a unique chance for us to utilize the capabilities of renewable energy and transform the methods of powering our country.

The utilization of renewable energy is not a temporary fad or a discretionary route. It is the upcoming prospect that holds the solution for sustainable progress, financial advancement, and a more pristine and healthier environment.

Through utilizing the complete legal and institutional system, we have the potential to enhance the availability of energy to all Nigerian individuals and businesses, while decreasing our dependence on non-renewable energy sources and addressing the consequences of climate change.

The realization of this goal is not possible on our own. It necessitates the combined endeavor of various stakeholders, including both the public and private sectors, to collaborate and push for the essential innovations and progress in the field of renewable energy.

In Nigeria, the full potential of renewable energy can be unlocked by consistently engaging, collaborating, and exchanging ideas.

During the event, he urged the attendees to familiarize themselves with the current advancements and prospects in the renewable energy industry worldwide.

The speaker also encouraged them to examine and revise the existing legal and institutional structure within their country.

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According to Prof. Abubakar Sulaiman, the Director General of NILDS, the summit presents a chance for all involved parties to familiarize themselves with the potential and obstacles within the renewable energy industry.

According to him, the platform is also anticipated to aid in gathering and developing evidence-based ideas and principles for enhancing the primary legal and institutional structure for renewable energy in Nigeria.

The National Assembly has paved the way for this movement by implementing the Fifth Constitution Alteration, which has enhanced the independence of state Houses of Assembly with regards to electricity matters. Additionally, the enactment of the Electricity Act 2023 has also played a crucial role in this regard.

The Electricity Act of 2023 expanded this trend by advocating for the promotion of renewable energy and granting state and local governments the authority to establish their own legal structures and even financially support renewable energy initiatives.

These two laws essentially democratized and decentralized the legal structure surrounding electricity.

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