Nigeria has been ranked 15th on the Electricity Regulatory Index (ERI) for Africa 2024, released by the African Development Bank, AfDB. The Electricity Regulatory Index, ERI, is a composite index that measures the level of development of electricity sector regulatory frameworks in African countries against international standards and best practices.
Out of the 45 countries that responded to comprehensive surveys distributed to electricity sector regulatory institutions and utilities, Nigeria scored zero point seven four seven equivalent to +27 percentage variation from 2022, indicating a substantial level of regulatory development.
According to the data, only 9 countries, including Senegal, Kenya, Uganda, Namibia, Tanzania, Zimbabwe, Rwanda, Benin, and Liberia, recorded a high level of regulatory development.
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According to the Director, Energy Financial Solutions, Policy and Regulation, at the African Development Bank Group, Mr Wale Shonibare, for Africa to meet its energy access and transition goals, regulation must not only be strong on paper, but also effective in practice.
Mr Shonibare noted that as the bank accelerates implementation of Mission 300, its ambitious plan to connect 300 million people to electricity by 2030, regulation must be at the heart of the solution.
He reaffirmed the AfDB’s commitment to working with national governments, regional economic communities, and development partners to close Africa’s massive electricity financing gap which is estimated to be twenty five billion dollars per year.
