The Minister of Power, Joseph Tegbe, has urged investors to strengthen their commitment to Nigeria’s electricity sector, describing Project Hoover as a transformative reform instrument designed to stabilise the market and unlock long-term economic value.
Speaking at the Project Hoover Series II Investor Forum in Abuja on Tuesday, Tegbe declared: “There can be no sustained economic growth without reliable electricity, and there can be no reliable electricity without financially sustainable markets. That is the philosophy underpinning the reforms we are pursuing in the Nigerian Electricity Supply Industry.”
He emphasised that the Federal Government, under President Bola Ahmed Tinubu, is determined to reposition the power sector as a commercially viable and investment-grade industry.
According to him, the Electricity Act, 2023, has already reshaped the sector’s architecture by fostering competition, empowering sub-national governments, expanding transmission infrastructure, and accelerating renewable energy deployment.
Tegbe explained that Project Hoover is not merely a financing transaction but an economic reform instrument aimed at resolving historical obligations that have hindered fresh capital inflows.
“This project offers a unique opportunity to investors to participate in the stabilisation of one of Africa’s largest electricity markets whilst contributing to reforms that will generate enduring economic value,” he said.
He recalled that the N501 billion Series I issuance earlier in January was oversubscribed, reflecting investor confidence in the Federal Government’s agenda.
“Our destination is clear: a financially sustainable, investment-led electricity market that powers Nigeria’s industrial renaissance,” Tegbe affirmed.
The Minister commended the Minister of Finance and Coordinating Minister of the Economy for steadfast partnership, noting that power sector reform is inseparable from economic reform.
He also recognised the Special Adviser to the President on Oil and Gas, the Nigerian Bulk Electricity Trading Plc (NBET), the Debt Management Office (DMO), and financial advisers for their critical roles in structuring the initiative.
He urged investors to deepen their positions: “Today, I invite you all to put your confidence – and your capital – behind a reform agenda that is restoring the commercial foundations of Nigeria’s electricity sector and unlocking the immense opportunities that lie ahead.”
