The Nigerian Power And Mining Sectors: 2024 In Review And An Outlook For 2025

Nigeria’s power and mining sectors continue to unfold with pivotal transformations, and in 2024, we monitored developments in these sectors to be able to keep our clients updated and provide relevant and timely advice as and when required.

In the electric power space, the Nigerian Electricity Supply Industry (“NESI”) witnessed several changes occasioned or influenced by macroeconomic dynamics, governmental policies, and regulatory reforms, including the implementation of the Electricity Act 2023 (the “Electricity Act”). Thus, amongst other events, there were developments regarding tariff adjustments/reviews, the establishment of electricity markets by a number of states in line with the Electricity Act, and noticeable improvements in the sector’s performance as compared to 2023. But again, the year was not without the resurfacing negative episodes of national grid collapses, and other realities of the numerous challenges facing the sector  – a reminder that more is needed to be done to take the sector to where it is meant to be.