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Two Insightful Conferences, One Connected Future ⚡Last week, I had the privilege of attending two events shaping the fut...
20/10/2025

Two Insightful Conferences, One Connected Future ⚡

Last week, I had the privilege of attending two events shaping the future of Nigeria’s energy landscape: the Nigerian Association for Energy Economics (NAEE) Conference and the Nigeria Renewable Energy Innovation Forum (NREIF 2025).

The NAEE Conference, themed “Emerging Geopolitics of Energy,” brought together oil and gas stakeholders, policymakers, and academia. We explored how global energy realignments are redefining opportunities for developing economies like Nigeria.

The NREIF 2025, hosted by the Rural Electrification Agency, focused on “Implementing the ‘Nigeria First’ Policy.” This vibrant forum united local and international renewable energy actors, with concrete discussions on facilitating local content, manufacturing, and industrial growth in the clean energy ecosystem.

Though distinct, both conferences converged on a critical narrative: Nigeria's urgent need to strategically adapt to global energy transitions while ensuring local value creation and energy security. Our competitiveness in both fossil and renewable domains will hinge on this dual focus.

Beyond the sessions, it was also a delightful opportunity to reconnect with my classmates from CPEEL, University of Ibadan and even a secondary school classmate after many years, reminding me that the energy sector is not just about systems and policies, but also about people, relationships, and shared journeys.

It was truly an enriching experience engaging with thought leaders, innovators, and policymakers driving the transformation of Nigeria’s energy sector.

Paul Okon

Convener, Ibom Energy Forum

Building the Future of Electricity in Akwa Ibom State ⚡On September 18th and 19th, I had the privilege of participating ...
22/09/2025

Building the Future of Electricity in Akwa Ibom State ⚡

On September 18th and 19th, I had the privilege of participating in the two-day Akwa Ibom State Electricity Summit 2025, hosted by the Akwa Ibom State Government under the leadership of HE Pastor Umo Eno, with support from UKNIAF, led by the Team Lead – Power Component, Eyo O. Ekpo.

The summit, themed “Fulfilling the Promise of Reliable, Affordable, and Universal Access to Electricity in Our State,” convened leaders and experts across Nigeria’s electricity value chain, including a representative of the Honourable Minister of Power, representatives of the Governors of Cross River, Bayelsa, Abia, and Enugu States, private sector players, the MD of the Rural Electrification Agency, the Chairman and Acting MD of Ibom Power Company, Savannah Energy, the Chairmen of the Enugu and Abia State Electricity Regulatory Commissions, and other critical stakeholders across the sector.

The Chairman of ESERC, Chijioke M. Okonkwo, shared valuable lessons on “Learning to Swim from the Deep End: The Journey So Far in Enugu State.” Other speakers also provided actionable insights and recommendations on the immediate next steps for Akwa Ibom.

The summit culminated in the unveiling of the Akwa Ibom State Electricity Policy (2024) and the Akwa Ibom State Electricity Law (2025), as well as the presentation of a roadmap with timelines for establishing a commercially viable electricity market in the state.

🔑 Key Takeaways from the Summit:
1️⃣ Immediate operationalization of the Akwa Ibom State Electricity Market.
2️⃣ Establishment of an Independent Electricity Regulatory Commission for the state.
3️⃣ Full commercialization of the state-owned power generation and distribution assets.

I congratulate His Excellency, the Governor, for his strategic approach to developing the electricity market in Akwa Ibom by convening critical stakeholders for an engagement that will shape the foundation of the sector in the state. This milestone marks a significant step toward achieving energy security, promoting economic growth, and ensuring universal access to electricity in Akwa Ibom.

I look forward to seeing the outcomes of this roadmap unfold in the months and years ahead.

Paul Okon
Convener, Ibom Energy Forum

24/07/2025

Is the Enugu Tariff Reduction a Step Back for Subnational Electricity Market Reform? — Paul Okon

There’s been intense debate surrounding the recent tariff reduction for Band A customers in the new tariff order issued by the Enugu Electricity Regulatory Commission (EERC) for MainPower Electricity Distribution Company, a subCo of the Enugu Electricity Distribution Company.

In the new order, the generation cost was pegged at ₦45.75/kWh, and the tariff for Band A customers was reduced from ₦209/kWh (a near cost-reflective rate) to ₦160/kWh. This decision has raised eyebrows, especially among GenCos and sector stakeholders, who argue that the stated generation cost is not reflective of actual generation costs. Many are questioning the rationale behind the reduction.

When Nigeria decentralized its electricity market and allowed states to establish their regulatory frameworks, stakeholders anticipated a shift toward commercially viable electricity markets. The expectation was that this would improve reliability, sustainability, and investors’ confidence in the shortest possible time. However, this tariff decision by EERC appears to challenge that expectation.

In its defense, the EERC clarified that the generation cost reflected in the tariff is the exact generation cost of delivering electricity from the National Grid to MainPower via EEDC. The Commission also assured that any licensed investor generating electricity within Enugu will be given a tariff that allows full cost recovery and a reasonable return on investment. (Vanguard—July 23, 2025).

In my opinion, EERC has made a valid point. One of the primary reasons for the liquidity crisis in Nigeria’s electricity supply industry (NESI) is the consistent shortfall in tariff payments, partly due to the Federal Government’s inability to fully or on time meet its subsidy obligations. Reports suggest that GenCos are owed over ₦5.2 trillion for electricity already delivered to the market.

As state-level electricity markets emerge, we must ensure they don't replicate the systemic challenges of the national electricity market. To build viable and sustainable sub-national electricity markets, they must be structured to avoid these legacy pitfalls.

This may be the right time for the NERC to declare cost-reflective tariffs across all customer categories, or at the very least, set cost-reflective tariffs for power allocated to states with independent markets, like Enugu. From there, sub-national regulators can determine how to treat the shortfall, whether through targeted subsidies, cross-subsidization, or other mechanisms.

The long-term credibility and financial health of Nigeria’s new decentralized electricity markets depend on bold but balanced policy and regulatory decisions. The journey to reliable electricity must not sacrifice sustainability on the altar of affordability, especially when the affordability is not being financed.

Paul Okon Convener, Ibom Energy Forum

Fuelling Regional Prosperity Through Gas: Key Takeaways from the South-South Gas Utilization Forum 2025On July 14th, I h...
16/07/2025

Fuelling Regional Prosperity Through Gas: Key Takeaways from the South-South Gas Utilization Forum 2025

On July 14th, I had the privilege of attending the South-South Gas Utilization Forum 2025, hosted by the Gas Aggregation Company of Nigeria (GACN). Themed “Utilizing Gas as a Catalyst for Economic Growth,” the event was a timely convergence of public and private sector leaders committed to accelerating the development and utilization of gas across the South-South region.
The central focus of the forum was clear: how can the region transition from simply producing gas to actually utilizing it to power homes, drive industrial growth, and enhance livelihoods? The conversation centered on building a gas-based economy, deploying cleaner energy solutions, and unlocking regional development.

One gratifying moment for me was reconnecting with Ayodele Oni my postgraduate teacher who taught me Energy Policy and Regulation. His passion and insights helped shape my professional understanding of the evolving energy landscape, and it was a pleasure to meet him again, this time as a fellow participant in the sector’s transformation journey.

Key Points:
1. Final Investment Decisions (FIDs) have been reached for five key gas-based projects in Akwa Ibom State, signalling a major step forward in industrialization and energy diversification.
2. Plans were revealed for two large gas pipeline projects aimed at expanding infrastructure and improving gas access across the South-South.
3. A community in Akwa Ibom was commended for protecting gas infrastructure from vandals, a powerful example of local ownership and responsibility.
4. All South-South Governors pledged their commitment to supporting a gas-powered regional economy, aligning regional development with national energy priorities.
5. The Minister of State, Petroleum Resources (Gas), Hon Ekperikpe Ekpo Obongemem, received widespread commendation for his unwavering commitment to the gas economy agenda. His leadership has been instrumental in driving forward gas commercialization, policy alignment, and stakeholder engagement across the sector.
6. Under the Decade of Gas Initiative, efforts are underway to transition 5 million households to clean cooking gas, improving environmental and public health outcomes.
7. Capacity building was emphasized as essential, equipping local talent with technical skills will be crucial in creating jobs and maximizing the benefits of gas-driven growth.
8. With more states signing their Electricity Acts into law, the a/MD of NBET recommended the adoption of a performance-based electricity market to improve efficiency and attract investment.
9. The need for regional collaboration was underscored as key to creating an enabling environment for sustainable investment, innovation, and inclusive growth.

The forum wasn’t just about ideas; it was about direction, alignment, and tangible progress.
Gas is more than just a resource; it is our region’s pathway to economic transformation.

Paul Okon
Convener, Ibom Energy Forum

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