REUTERS/Neil Hall
According to the President of CAMAN and Chief Executive Officer of MicCom Cables and Wires, Bukola Adubi, the draft policy would improve liquidity within the power sector, enhance grid reliability, foster an investment-friendly environment, integrate renewable energy, and expand access to electricity across the country.
“Reliable electricity supply is crucial for unlocking Nigeria’s economic potential. It will not only lower production costs for manufacturers, it will stimulate overall economic growth and development,” Adubi stated.
She praised the NIEP-SIP, noting that in addition to addressing liquidity and grid reliability, it also sought to boost local content and promote gender inclusion across the electricity value chain.
The unveiling of the draft NIEP-SIP followed the signing of the Electricity Act 2023 by President Bola Tinubu, which democratised electricity generation, transmission, and distribution in Nigeria.
This legislation provides the legal, regulatory, and governance framework for the Nigerian Electricity Supply Industry (NESI), with at least eight states already taking steps to implement it, signaling a new era in the country’s electricity market.
She highlighted that Nigerian-made cables were among the best in the world and reassured that industry members would continue upholding high product standards to keep the nation proud.
“The Nigerian cable industry remains a formidable force globally. I believe this policy will further strengthen the progress we’ve made over the years,” Adubi added.
The global wires and cables market, valued at $211.62 billion in 2023, is projected to grow at a compound yearly growth rate (CAGR) of 4.1 per cent between 2024 and 2030, driven by increasing urbanisation and global infrastructure development.
