Nigeria's electric power policy involves efforts to address challenges in the power sector, focusing on generation, transmission, and distribution of electricity. The vital aspects may include promoting renewable energy, improving infrastructure, privatization of certain segments, and enhancing regulatory frameworks to attract investment and ensure efficiency.
Despite Nigeria's seeming abundance of hydrocarbons, gas, and oil, the country's power sector is frequently hampered by challenges, such as gas flaring, regulatory uncertainty
The Electricity Act 2023 serves as a significant framework impacting the energy sector in numerous ways, chiefly as the post-privatized electricity supply sector lacked a definite structure or framework for its existence.
The aim of the Petroleum Industry Act (PIA) is to establish a comprehensive legal, governance, regulatory, and fiscal framework for the Nigerian petroleum industry, which also addresses matters related to the development of host communities.
Power Purchase Agreements (PPAs) are contractual agreements between electricity generators (often independent power producers) and buyers, typically utilities or large industrial consumers, to sell and purchase electricity.
This article has attempted an analysis of the role of CSR by companies in the oil and gas sector, it is obvious that most companies carry out their CSR as a gesture of philanthropy aimed at addressing socio-economic challenges in Nigeria because very few legislations lend a voice in the area of CSR and the legislation lacks in detailing the nature and scope of CSR that companies can adopt. Aside from the government’s responsibility to provide basic amenities, infrastructure and ensure law and order, the emergence of CSR in Nigeria by individual companies has been at the discretion of the companies without an enabling law governing that.
The switch to an energy infrastructure based on renewable technology will have very favourable economic effects on both development and the world economy. The International Renewable Energy Agency (IRENA) estimates that to satisfy the goals outlined in the Paris Agreement, a global share of renewable energy in electricity generation of 57 per cent must be achieved by 2030.
Nigeria is one of the largest and oldest producers of oil and gas in Africa. In 2019, this sector accounted for about 5.8 per cent of Nigeria’s real Gross Domestic Product (GDP), and was responsible for 95 per cent of Nigeria’s foreign exchange earnings and 80 per cent of its budget revenues.
The need for resource control and reform in the oil and gas sector resulted in the enactment of the Petroleum Industry Act (PIA) by President Muhammad Buhari in 2021[8]. The Act generally overhauled the regulatory compliance of the oil and gas industry in Nigeria and put in place, a new framework for the governance, regulation and operation of the NNPC.
