Regulatory challenges and market dynamics after the privatization of electricity sector on economic security in Nigeria

Abstract

This study investigated the impact of regulatory challenges and market dynamics after the privatization of electricity sector in Nigeria on economic security. To understand the research problems very comprehensively, combined qualitative and quantitative research methods were used. primary data were sourced through structure and unstructured questionnaires distributed to the registered customers of electricity distribution companies. The secondary data were collected using relevant journals, books, official reports, newspapers and internet publications. Market-Oriented Reform Theory (MORT) was used as a theoretical platform for marshaling the studies arguments. Findings that emanated from this study revealed that electricity tariffs were arbitrary and too high for consumers. It was concluded that regulatory laws were not properly implemented and that electricity supply chain be decentralized for more investors to participate. The study recommended proper implementation of the Electricity Act 2023 and the also recommended that a stable and reasonable tariffs in the electricity sector in a bid to reduce the burden on consumers should be considered.