The Minister of Power, Joseph Tegbe, on Tuesday, called on investors to support the federal government’s power sector reform aimed at making the sector commercially viable.

Tegbe, at the Project Hoover Series II Investor Forum in Abuja on Tuesday, said reliable electricity is the foundation for sustained economic growth, and that reforms under President Bola Tinubu are reshaping the Nigerian Electricity Supply Industry, NESI.

He said the government’s philosophy is clear: saying there could be no sustained economic growth without reliable electricity, and there can be no reliable electricity without financially sustainable markets

According to him, the Electricity Act 2023 is driving a fundamental reshaping of the sector.

The minister acknowledged that no market can sustainably attract fresh capital whilst carrying the weight of unresolved historical obligations.

He noted that the Series 1 issuance in January raised N501 billion and was oversubscribed, adding that investors took a position on the word of the Federal Government of Nigeria.

The minister urged investors to see the Series II offering beyond a fixed-income instrument and as a partnership with the government to drive industrial growth.