The Minister of Power, Chief Joseph Tegbe on Tuesday addressed investors, government officials and industry leaders at the Project Hoover II Investor Forum, urging them to back the Federal Government’s electricity sector reform agenda with fresh capital.
Tegbe told the gathering that a sustained economy depends on reliable electricity, which in turns depends on financially sustainable power markets, a philosophy, he said, underpins reforms being driven under President Bola Tinubu through the electricity Act, 2023.
He said the government is fostering competition, empowering state governments, expanding transmission infrastructure, accelerating renewable energy deployment and strengthening regulatory certainty across the sector.
He described Project Hoover not as a financing transaction but as an economic reform instrument, designed to help clear the unresolved historical obligations he said have weighed on the market’s ability to attract new capital.
Tegbe noted that investors had subscribed to the N501 billion Series 1 issuance in January, which was oversubscribed, and framed the new offering as a chance to partner with government “in writing the next chapter” of Nigerian economic story rather than as a simple fixed-income project.
The Power Minister thanked the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele for his partnership, and commended the Special Adviser to the President on Oil and Gas, Olu Verheijen, the Nigerian Bulk Electricity Trading Plc (NBET), the Debt Management Office (DMO), and Financial and Transaction Advisers for their roles in structuring the instrument.
“Today, I invite you all to deepen your investment in our power sector, a sector that is being fixed properly, at last,” Tegbe said in closing remarks.
