The Nigerian Electricity Regulatory Commission (NERC) has commenced the transfer of regulatory oversight to 10 states across the country.
This significant development marks a major shift in the regulation of electricity markets in Nigeria.
The 10 beneficiary States are; Enugu, Ekiti, Ondo, Imo, Oyo, Edo, Kogi, Lagos, Ogun and Niger.
Notably, the transfers have already been completed for four States: Enugu, Ekiti, Ondo, and Imo. The remaining six States are still in the process of completing the transfers.
This transfer of power is a crucial step towards decentralising the regulation of electricity markets in Nigeria.
ait.live reports that once the transfers are completed, each State will be responsible for regulating its electricity market, paving the way for more efficient and effective management of electricity resources in Nigeria.
NERC announced the development on its X handle, stating that the transfer of regulatory oversight is part of the ongoing reforms in the electricity sector.
According to NERC, this move is aimed at improving the overall efficiency and sustainability of the sector.
The Commission has assured that the transfer of regulatory oversight will not disrupt the existing regulatory framework but rather strengthen it.
As the States take over the regulation of their electricity markets, it is expected that they will be better positioned to address the unique challenges and opportunities facing their respective markets. This, in turn, is also expected to lead to improved electricity services and a more robust economy.
(Editor: Ken Eseni)
