Publication date: January 2021
Author: ACE-TAF
Description: Nigeria has witnessed major political and economic changes in the last year. Volatility in the oil markets, an unstable foreign exchange rate, and rising inflation have led to dwindling national revenues and increased costs of living across the country. These problems have been exacerbated by the COVID-19 pandemic that has crippled the world’s economy and impacted Nigeria’s revenue, leading to the recent admission by the Nigerian government that the country is officially in a recession.
Since the conclusion of the 2019 general elections, and more particularly between June 2019 and December 2020, the Nigerian power sector has seen changes that include the unbundling of the Federal Ministry of Power from the Federal Ministry of Works and Housing, as well as major leadership changes in the Federal Ministry of Power, the Rural Electrification Agency (REA) and the National Electricity Regulatory Commission (NERC).
