General
PwC Proposes Key Amendments to Nigeria Electricity Act 2023
By Adedapo Adesanya
PricewaterhouseCooper (PwC) Nigeria has commended the country’s move towards fixing its copious electricity challenges with the Electricity Act 2023 and proposed key amendments that will ensure the issues are faced head-on,
At the 14th edition of its Annual Power and Utilities Roundtable, with the theme The Electricity Act 2023: Powering Nigeria, the Partner and Energy, Utilities and Resources Leader at PwC Nigeria, Mr Pedro Omontuemhen, noted that, “The 2023 power roundtable’s timing coincides with the ongoing COP 28 in Dubai, highlighting the urgent need for continued action on climate change especially in the area of renewable energy.”
“The Electricity Act can play a pivotal role in addressing this challenge by guiding balancing the utilisation of our natural resources with the reduction of carbon emissions while showing how we can generate, transmit, and distribute adequate power to meet Nigeria’s energy needs,” he added.
He noted that “discussions at the roundtable have shown that power sector stakeholders welcome the Electricity Act as a good step, especially for consolidating the laws governing the Nigerian electricity supply industry and establishing a policy framework that empowers state governments and investors.
However, he stressed that there was more to be done to enhance the legislation and make it more responsive to the realities of industry practitioners, adding that the Act must provide the policy framework necessary to implement practical solutions to address the metering gap.
In his keynote address, Mr Bimbola Banjo, Partner and Finance Advisory Leader, PwC Nigeria, elaborated on the key provisions of the Act, including the separation of distribution from supply operations, incentivising renewable energy, the positioning of NERC as the apex regulator, the establishment of the Power Consumer Assistance Fund (PCAF), state government’s adoption of the Electricity Act, the establishment of N-HYPPADEC, and the definition of offences and penalties.
“While there is an urgency to adopt the Electricity Act, states must exercise caution and assess their readiness for implementation. The process of adoption will incur significant costs, including engaging legal and commercial advisors, and will require substantial investments in technology, human resources, and the establishment of state-level structures.
“Before proceeding, states should conduct a comprehensive evaluation of their electricity market and network infrastructure, accompanied by detailed technical and commercial feasibility studies. This rigorous assessment will ensure that states are adequately prepared to implement the Electricity Act effectively and reap its full benefits,” he added.
The Electricity Act fosters collaboration among various stakeholders, including state governments and federal government ministries. These partnerships and active state participation will lead to positive outcomes, such as the establishment of suitable investment vehicles, effective fundraising strategies, robust enforcement mechanisms, and enhanced knowledge exchange.
The roundtable’s panel of experienced power sector stakeholders discussed additional measures that will enhance the Electricity Act towards achieving its objectives.
For Mr Akinyemi Akingbade, Partner, Energy, Utilities and Resources, PwC Nigeria, who moderated the panel session, there’s a need to consider the role the Electricity Act can play in stimulating local manufacturing of electricity assets, such as meters, and fostering domestic investments within Nigeria’s power value chain, which will help job creation and economic growth.
Mr Razaq Obe noted that the Electricity Act has already started fostering collaborations in the sector. For example, there’s a forum of state commissioners for energy, which is a first in Nigeria’s history. He indicated the willingness of state governments to continue to collaborate to enhance the implementation of the Electricity Act.
Addressing the misconception surrounding reluctance to provide meters, Mrs Soetan emphasised that DisCos, despite facing cost challenges, believe in the benefits of metering for improved revenue collection.
She stressed that DisCos are actively seeking collaborations with various stakeholders to increase meter deployment for their customers. The collaboration between DisCOs and state governments to deter energy theft will be key to achieving the Electricity Act’s objectives.
Mr Obi-Chukwu expressed enthusiasm for the Electricity Act’s potential to promote renewable energy development in Nigeria, bringing about widespread adoption of solar energy in residential and community settings. Additionally, he emphasised the importance of digital transformation and data sharing to facilitate innovation.
Adding his input, Mr Mueller emphasised the need for a clear and effective dispute resolution mechanism to address regulatory disputes and prevent inconsistencies in regulatory decisions. He highlighted the current potential for double regulation and abuse of power.
Mr Akpeneye noted that enhancing the Electricity Act should include establishing a single, comprehensive law governing the entire power sector. While electricity distribution should remain within the purview of state governments, a centralised law is crucial to ensure consistency and prevent conflicts. The Electricity Act should clearly define the roles and responsibilities of regulators, establish industry standards, and outline how stakeholders should collaborate effectively.
Search Engine Optimization isn’t what it used to be.
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Wholesale marketplaces were created so that business owners could find profitable offers and make deals on B2B platforms worldwide. In addition to buyers and sellers, there are traders, distributors, logisticians, and other professionals on such platforms. Let’s take a closer look at these professions. Traders purchase goods in order to resell them at a higher price; speculation is allowed on B2B marketplaces and is a legal instrument. Distributors are the official representatives of the manufacturer, meaning you can purchase original products at the lowest price. Most often, goods are purchased in China and then transported by sea to European countries or North America. We suggest you try the Globy Platform, where the most reputable Asian distributors are registered. Logisticians can also register on Globy. They provide services for the transportation of goods by sea. The following are the advantages of Globy, which are mentioned most often:
- quick registration on the portal;
- website with simple navigation and management;
- excellent choice of reliable suppliers;
- most relevant products in the catalog;
- free registration;
- no commission.
Some B2B platforms process payments, but Globy allows participants to make money payments outside the platform using one of the secure methods. In addition, Globy does not charge a commission when concluding a purchase deal. To start working on the platform, you need to register in accelerated mode or fill out a form with your company’s details. You can be sure that your banking details, personal, and contact information are protected. Third parties can only see the information that you leave open. When registering, do not forget to enter your company’s contact information (messenger, phone, email) so that new partners can contact you. You can pay attention to the fact that the Globy catalog contains items without specifying a price, but the product profile contains the vendor’s contacts. You can contact the seller to discuss the deal details, determining the price of the product.
Logistics Tool on Globy
There is often a situation when the supplier does not provide transportation services and the buyer has to search for a carrier on their own. In fact, this problem is solved simply. Globy has a special tool that helps you quickly find a charterer. You would open the freight calculator and fill in all the fields in the suggested form. You would specify the sending and destination port, and don’t forget to specify the dates and choose the container size. If you want to place containers in an optimal way, then use the load calculator, which is also available for free on the official website. You can use these tools only after registration. You can log in quickly if you have a Google account or a LinkedIn profile. After entering the data, the freight calculator will process your request and provide a list of prices. You can select a suitable line and contact the charterer to discuss the details of the contract. It is recommended to choose a sea delivery with a minimum number of intermediate stops, in which case the cargo will arrive at the destination port faster.
Receiving Cargo at the Destination Port
Buyers should remember that you can check the cargo when it arrives at the port. If the rules of transportation were violated, there was a long delay, or the goods were damaged, you can refuse the cargo, explaining the reason. You can discuss a price reduction with the supplier if the product has lost its proper appearance or the packaging is damaged. You can evaluate the cargo yourself or with the help of third-party experts. It is best to carefully check the documentation when receiving the goods at the port. All documents must be executed in accordance with international law. You can register on Globy today, find the goods you need, and use the logistics tools for free. More than fifty-five thousand users have already been registered on the platform, which indicates the high authority of Globy. If you have any questions, you can ask them in the Help Center on Globy website.
By Adedapo Adesanya
Shipping giant, Mediterranean Shipping Company (MSC), has signed a 45-year concession agreement with Nigerian maritime company, Nigerdock, to develop, operate and maintain a new container terminal at Snake Island Port in Lagos.
A statement by MSC on Thursday noted that the new container terminal would be completed by 2028 with a 910-meter quay, six Ship-to-Shore (STS) cranes, two ship berths, three barge berths, and up to 18 meters of draft.
The dedicated MSC terminal would be part of the company’s announced $1 billion investment in infrastructure and logistics in Nigeria.
“We are thrilled to take this step forward in our partnership with MSC to develop a world-class container terminal within Snake Island Port.
“This gives the world’s leading shipping line a home in Nigeria and brings significant foreign direct investment into the country to accelerate growth in the maritime and logistics industry,” it said.
Global shipping companies are pushing to secure long-term footholds in emerging markets as supply chains are reconfigured worldwide.
MSC said the terminal, to be built by ITB Nigeria and DEME Group, is expected to be ready by 2028.
It will occupy 30 hectares (74 acres) and feature a 910-metre (3,000 ft) quay capable of handling ship‑to‑shore cranes and mobile harbour cranes, serving both deep-sea vessels and barges.
MSC President, Mr Diego Aponte, said: “Completing this key phase in the development of Snake Island Container Terminal with Nigerdock and our trusted partners demonstrates MSC Group’s commitment to providing excellent service to our customers in Nigeria and throughout Africa.
“The new terminal will open up opportunities, enhance efficiency, and elevate Snake Island Port as a major global shipping centre.
“Together with our Group’s other long-term investments in Nigeria, it will generate many local jobs and significantly increase economic revenue and resilience.”
Snake Island Port is an 85-hectare facility operated by Nigerdock, a maritime and logistics company, and comprises three terminals serving the Lagos port complex.
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