Geometric Power Chairman and former Minister of Power, Prof. Bart Nnaji, delivered the keynote address at the Lagos State Energy Summit, themed “The Journey to Energy for All.” The summit brought together energy leaders, policymakers, and stakeholders to chart a sustainable course for electricity access and market reform in Nigeria.
In his remarks, Prof. Nnaji described the event as a homecoming, referencing his leadership in launching Nigeria’s Road Map for Power Sector Reform in Lagos in 2010, and the commissioning of the Lagos State 10MW gas-fired power plant in 2012 during his tenure as Minister of Power.
He commended Lagos State for leveraging the 2023 Electricity Act, which empowers states to establish their own electricity markets and regulatory commissions. Noting the State’s plan to build 4,000MW of gas-fired generation capacity, he emphasized the importance of:
- Cost-reflective tariffs and commercially viable power models
- Avoiding unsustainable electricity subsidies
- Collaborating with the Federal Government to address Nigeria’s acute natural gas shortages, despite the nation’s vast proven reserves of over 210 trillion cubic feet
Prof. Nnaji also recalled Geometric Power’s pioneering work in Nigeria’s private power sector, including the development of embedded generation models in Abuja (2000) and the Aba Ring-Fenced Area (2005), which served as precursors to reforms now being implemented nationwide.
“Lagos’ bold steps are commendable. But for long-term success, electricity markets must be structured as viable businesses. No state can sustain subsidy-driven models,” Prof. Nnaji noted.
Geometric Power remains committed to driving innovation and supporting subnational efforts to expand access to reliable electricity in Nigeria.
