The Chairman, Board of Directors, Genesis Energy Holdings, Akinwole Omoboriowo, has commended the Federal Government for creating an enabling environment that allows broader participation and investment in Nigeria’s power sector through the Electricity Act 2023.

Speaking with journalists at the Nigeria Leadership Energy Summit in Lagos, Omoboriowo said the new legislation has positioned the Nigerian energy sector for sustainable growth by decentralizing generation and distribution.

He explained that for the first time, the Electricity Act has empowered state governments to generate, transmit, and distribute electricity directly to their residents, addressing local needs more effectively.

According to him, this reform has opened up new opportunities for both public and private players to participate across the entire electricity value chain — from micro and mini-grids to regional and national networks.

“When you’re able to aggregate power, you’re able to have economies of scale that will reduce the cost of investment, which ultimately leads to more competitive and energy generation sources with value,” he said.

“We’re very excited that the Electricity Act 2023 has fixed a lot of these functionalities within the regulatory environment in the power sector. Number two, the Act also enabled sub nationals to be able to invest in their own states.”

Omoboriowo noted that this shift marks a departure from a system once dominated by a handful of companies, to one that now welcomes hundreds of new entrants, including small-scale energy developers. He urged Nigerians and investors alike to take advantage of the liberalized market to boost electricity access, especially in rural communities.

He also praised the current administration for introducing market-driven tariffs, describing it as a long-overdue reform that ensures investors can recover their costs and reinvest in the system.

“Previously in 2022, it was not the right time to invest in the country because if you invest in the power sector, you cannot recover your investment. Unless it’s money laundering, how would you invest money that you cannot recover? It was impossible and I still don’t understand why it took so long. Again, with this current government, it took the bull by the horn. If you don’t put in market driven tariff that enabled investment is like wasting time,” he said.

Omoboriowo further lauded the unification of Nigeria’s foreign exchange market, which he said has improved clarity for investors bringing capital into the country.

Speaking on Genesis Energy’s expansion plans, he disclosed that the company plans to issue a N500 billion bond to finance clean energy projects across several states.

He revealed that Genesis has already executed an 84MW project in Port Harcourt in partnership with the Nigerian National Petroleum Company (NNPC), with plans to scale it up by an additional 120MW, and a 100MW solar project in Katsina State, leveraging the state’s strong solar potential.

“For us, we’re going to different locations; use various energy sources that is optimal. There are some places where multiple hydros will be used, while others will be combined with wind and solar.  Where there is availability of gas, it will be used.

“Everything will be done locally and as a private company, 500 billion is not small. It represents over $300 million.

“This is not just about Genesis. We want more players in the sector. If there are 1000 of Genesis multiply it and it will be much,” Omoboriowo said.

Omoboriowo added that while the results of the Electricity Act may not be immediate due to the time required for infrastructure development, the benefits would begin to materialize within the next two to three years.

He described energy as the foundation of national development, emphasizing that expanding electricity access remains Genesis Energy’s central mission.