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ARTICLE · 30 JULY 2024

2024 Power Sector Mid-Year Report

Tope Adebayo LP
Tope Adebayo LP
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In our 2023 Report, we analyzed the level of electricity deficit in Nigeria and examined various initiatives, policies, regulations, and laws aimed at leveraging renewable energy to enhance energy access.

NigeriaEnergy and Natural Resources
Aderemi Ogunbanjo
Aderemi Ogunbanjo
Oluwaseun Fapohunda
Oluwaseun Fapohunda
Sandra Osinachi-Nwandem
Sandra Osinachi-Nwandem
Eyitayo Ajisafe
Eyitayo Ajisafe
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In our 2023 Report, we analyzed the level of electricity deficit in Nigeria and examined various initiatives, policies, regulations, and laws aimed at leveraging renewable energy to enhance energy access. This encompassed an evaluation of the Nigerian Energy Transition Plan (NETP) and the Electricity Act 2023. We also made projections on industry and regulatory developments to watch out for in 2024. In this 2024 Power Sector Mid-Year Report ("Mid-Year Report") we provide updates on industry developments and projections for the second half of the year.

The Nigerian Electricity Supply Industry (NESI) Mid-2024

Generation

The transgenerational challenges within the NESI continue to manifest over a decade after privatization. According to a Report from the Nigerian Electricity Regulatory Commission ("NERC" or the "Commission"), the average hourly generation from grid-connected plants in the 4th quarter of 2023 was 4,433.82 MWh/h. Despite achieving a peak power

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