Nigeria’s Electricity Market Is Open for Investment, EERC Chairman Tells Nigeria Energy 2026
LAGOS: The Chairman/CEO of the Enugu Electricity Regulatory Commission (EERC) and Vice Chairman of the Forum of Nigerian Electricity Regulators (FONER), Chijioke M. Okonkwo, has outlined a bold vision for Nigeria’s decentralised electricity future at Nigeria Energy 2026, held at the Landmark Centre, Lagos, from 27 to 29 October.
His message was direct: Nigeria is moving away from “trust us” regulation toward a market built on clear rules, credible institutions, cost-reflective pricing and sustainable returns for serious investors.
Okonkwo invited developers, generators, gas suppliers, transmission and distribution operators, Independent Electricity Distribution Networks (IEDNs) and mini-grid developers to participate in the emerging state electricity market. The aim, he explained, is an environment where private operators can build efficient, sustainable businesses, recover legitimate costs and earn reasonable returns. Rather than asking investors to take a leap of faith, the new regulatory direction prioritises transparency, compliance and long-term commercial viability, a significant shift for a sector that has long needed bankable structures to attract capital.
The Chairman stressed that regulation should never be a barrier to entry. It should give investors the certainty they need to deploy capital, develop projects and serve customers reliably. The emerging framework offers clear licensing and compliance pathways, cost review processes based on verified service-delivery costs, and tariffs designed to support efficient operations and reasonable returns. It also makes room for independent and distributed generation, integrated utilities, IEDNs and mini-grids, supported by close coordination between federal and state regulators through FONER.
Tariff-setting was central to the discussion. Okonkwo made clear that regulators do not intend to impose arbitrary prices or dictate returns. The focus is on verifying the actual cost of delivering electricity and using that evidence to determine appropriate charges. This approach protects both sides of the market: customers are shielded from unjustified costs, and investors from under-recovery that could undermine project viability. It also builds a more credible foundation for long-term investment in generation, distribution, metering and customer service.
Nigeria Energy 2026 brought together government leaders, investors, innovators, utilities and project developers, the very stakeholders needed to turn reform into real infrastructure and better electricity access.
The EERC’s message was not simply that Nigeria needs more power, but that it needs investable power markets: markets where developers can enter with confidence, operate efficiently, recover costs fairly and deliver reliable electricity at scale.
The future of Nigeria’s electricity sector will be built on credible regulation, private capital and partnerships that turn policy into power.
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