New incentives for independent power projects in Nigeria

Nigeria's electric power sector has historically been incapable of meeting the needs of Africa's largest and most populous nation. The country has roughly 3,500 MW of installed generating capacity, but insufficient maintenance, intermittent gas supply, grid instability, and other factors routinely reduce available capacity to less than 2,000 MW. To its credit, Nigeria adopted sweeping regulatory reforms in 2005 aimed at the unbundling of the national utility as well as the creation of a deregulated and competitive market for generation and distribution, with open access to transmission and transparent wholesale power sales. Nearly 6 years after the enactment of the landmark Electric Sector Power Reform Act (the Act), the federal government has finally gotten serious about attracting foreign private capital to its ailing power sector.

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