Edo State is on the brink of a significant transformation in its power sector, a shift that is poised to dramatically improve the ease of doing business across the region. This momentum follows a series of focused discussions held on August 26 and 27, 2024, underscoring the strategic alignment between the state’s energy policies and its broader economic goals.
Organized by the Edo State Government under the leadership of the Ease of Doing Business Council, these sessions brought together key members of the council, including the Ministry of Mining & Energy and the Edo State Investment Promotion Office.
Their participation highlights the crucial role these institutions play in driving the state’s energy agenda. The events, funded by GIZ-SEDIN and facilitated by Logosphere Consulting, exemplified the collaborative approach that Edo State is taking to address its energy challenges.
The discussions on the first day highlighted the pressing need for a robust energy policy and regulatory framework, one that not only protects investors but also addresses systemic issues such as energy theft and distribution losses. Representatives from prominent organizations, including the Benin Electricity Distribution Company (BEDC), Azura Power West Africa, and the Transmission Company of Nigeria (TCN), emphasized that a thorough review of the Edo Electricity Bill is essential.
This review is not just a legislative exercise; it is critical to fostering a business environment where confidence in the energy sector can lead to broader economic stability.
Moreover, public consultation emerged as a key component of the reform process. By integrating transparency and inclusivity into the legislative framework, Edo State is not merely enacting policy; it is building trust. Involving NGOs, women’s groups, and other civil society organizations in the law-making process ensures that the resulting regulations are not only equitable but also reflective of the diverse needs of the community.
This inclusive approach is expected to result in more efficient power distribution, as evidenced by the successful implementation of MYKROGRID’s mini-grid system, which was highlighted during the discussions.
The introduction of advanced infrastructure and technology, such as the deployment of smart meters, was another critical topic. This advancement is seen as vital in combating energy theft and improving electricity distribution, which, in turn, would enhance the reliability of power supply to businesses. Reliable energy is a cornerstone for businesses, and these reforms are expected to reduce operational costs and increase productivity across various sectors.
As the discussions progressed into the second day, the focus shifted toward long-term strategies that would not only enhance Edo State’s energy sector but also make the state more attractive to investors. The involvement of stakeholders from the University of Benin (UNIBEN), the Manufacturers Association of Nigeria (MAN), and various community groups underscored the importance of aligning energy reforms with the needs of both academia and industry.
The dialogue on energy market pricing, the viability of self-generated power for institutions like UNIBEN, and the challenges faced by industries in securing reliable power supply all pointed to the critical role that energy plays in business operations.
To address these challenges, several actionable steps were proposed. These include the development of a comprehensive energy policy for UNIBEN, exploring grid connection options for revenue generation, and analysing the feasibility of synchronized industrial clusters. These initiatives are not just recommendations; they represent strategic imperatives that will drive investment and economic growth in Edo State.
As Edo State moves forward with these strategic plans, the anticipated reforms in the energy sector are set to create a more stable, transparent, and business-friendly environment. With a focus on sustainable energy practices, improved power supply, and increased investment, Edo State is not just preparing for the future; it is actively shaping it.
These reforms are more than an economic strategy; they reflect a leadership vision that positions energy as a catalyst for broad-based development. By creating a reliable and equitable energy sector, Edo State is positioning itself as a leader in business and investment in Nigeria, ready to welcome both local and international investors into a thriving, resilient economic landscape.
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This article was written by Osaze Ighoretin Ogbomo, Team Lead Ease of Doing Business Secretariat-ESIPO.
