Business
New Tariff: NERC Urges Calm
Port Harcorut Chamber of Commerce President, Dr. Emi Membere – Otaji presenting a gift to the zonal controller of Nigerian Export Promotion council, Mr. Mike W. Nworgu during courtesy visit.
Acting Chairman, Ni
gerian Electricity Regulatory Commission (NERC), Dr Anthony Akah, on Tuesday called for restraint among electricity consumers on the new tariff increment by the commission.
Making the appeal in an interview with newsmen in Abuja, Akah said there are multiple court cases over the new tariff increase.
He advised consumers to exercise patience until the courts give their final verdict on the cases.
He said the commission would not be hasty to do anything now until all the cases had been settled.
It would be recalled that protests trailed the new electricity tariff increment approved by NERC on February 1.
Mr Toluwani Adebiyi last year in a Federal High Court in Lagos sought for a perpetual injunction restraining NERC from implementing any upward review of electricity tariff.
Adebiyi also prayed the court that NERC should not increase tariff without significant improvement in power supply for at least 18 hours a day.
But NERC without waiting to hear the suit announced the tariff hike.
The court on February 15 ordered the Federal Government, NERC and the distribution companies to revert to the old tariff.
Akah explained that there were several processes through which the commission resolve issues that affect individuals or persons.
According to him, if any person has a complaint against the NERC or organisations in the sector, he can write to the commission and this will be resolved through public hearing.
He explained that the essence of establishing the commission was to better the lots of electricity consumers, adding that the commission will not do anything inimical to its customers.
Akah called on all parties involved in the tariff issue to join hands with the commission to build a better and robust power sector, noting that consultation could solve many problems.
He also attributed the tariff hike to the exchange of about N400 to a Dollar.
“So everything is now very expensive and many materials used in the sector are expensive and imported,’’ he said.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.