Author: P.C. Obutte, D. Akabuiro, A. Iwayemi & A. Adenikinju
Volume: 58 Issue No:2 Year:2016

Abstract: The imperative of effective regulatory governance in the context of deregulated energy markets has been an important policy issue on the global economic and political agenda in the past four decades. The main driver for an appropriate regulatory framework is the need to establish a well-functioning electricity market system that efficiently delivers adequate, reliable and affordable electricity services to end users. In Nigeria, as in other developing and developed countries, the debate on electricity market deregulation and restructuring and the institution of governance and regulation under the new market structure took place against the backdrop of significant inefficiencies in the delivery of adequate and reliable electricity to end users by state-owned monopolies. The paper examines relevant issues on the foregoing through some questions such as: What have been the challenges and what have been the positive outcomes of EPSRA? What lessons have we learnt and how do we incorporate the lessons learnt possibly in a revised or amended legislation? What are the appropriate regulatory measures in fixing emerging challenges and gaps in Nigeria’s electricity supply industry without creating additional constraints in the sector’s competitiveness and innovation? The paper emphasizes the need to focus on objective criteria for good governance for a credible learning process rather than ‘political solutions’ in a struggling economic landscape.

JEL Classification: L32, L33, L51