The Minister of Power, Hon. Joseph Tegbe, says the Federal Government is positioning Nigeria’s electricity market for long-term growth through Project Hoover Series II. Speaking on Monday, July 21, 2026, at the Project Hoover Investor Forum in Abuja, he described reliable power as the foundation for sustained economic growth.

Minister Tegbe said there can be no reliable electricity without financially sustainable markets. He noted that under President Bola Ahmed Tinubu, the Electricity Act 2023 is reshaping the sector by fostering competition, empowering states, expanding transmission, accelerating renewables, and strengthening regulation.

According to him, Project Hoover is an economic reform instrument designed to address unresolved historical debts in the power sector. He said no market can attract fresh capital while carrying the weight of legacy obligations, and the project will help stabilise one of Africa’s largest electricity markets.

The Minister urged investors to see the offering beyond a fixed-income instrument. He described it as a chance to partner with government in writing the next chapter of Nigeria’s economic story. He recalled that the Series I issuance of N501 billion in January was oversubscribed, showing investor confidence in government.

Tegbe stated that the destination is clear: a financially sustainable, investment-led electricity market that will power Nigeria’s industrial renaissance. He called for confidence and capital to back reforms that are restoring the commercial foundations of the sector and unlocking new opportunities.

The Minister commended the Minister of Finance, the Special Adviser to the President on Oil and Gas, NBET, and the Debt Management Office for their roles in driving the initiative. He also recognized financial advisers and transaction partners for structuring an instrument that meets market expectations and international best practice.

Hon. Tegbe invited investors to deepen their position in the power sector, saying the sector is now being fixed properly. He added that with continued partnership, the reforms will be both fiscally sound and economically transformative for Nigeria.