Photo caption: CEO MicCom Cables, Bukola Adubi, fields questions from CNBC reporter
Bukola Adubi, Chief Executive Officer of MicCom Cables and Wires, has outlined the advantages of the Federal Government’s draft National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP). This policy aims to overhaul Nigeria’s electricity sector, making it more resilient, efficient, and better equipped to drive national development.
Adubi emphasized that the draft policy would improve liquidity within the power sector, enhance grid reliability, foster an investment-friendly environment, integrate renewable energy, and expand access to electricity across the country.
Photo caption: Minister of Power, Adebayo Adelabu
“Reliable electricity supply is crucial for unlocking Nigeria’s economic potential. It will not only lower production costs for manufacturers but also stimulate overall economic growth and development,” Adubi stated. She praised the NIEP-SIP, noting that in addition to addressing liquidity and grid reliability, it also seeks to boost local content and promote gender inclusion across the electricity value chain.
The unveiling of the draft NIEP-SIP follows the signing of the Electricity Act 2023 by President Bola Tinubu, which democratized electricity generation, transmission, and distribution in Nigeria. This legislation provides the legal, regulatory, and governance framework for the Nigerian Electricity Supply Industry (NESI), with at least eight states already taking steps to implement it, signaling a new era in the country’s electricity market.
As President of the Cable Manufacturers Association of Nigeria (CAMAN), Adubi affirmed that the new policy would positively impact the cable manufacturing sector. She highlighted that Nigerian-made cables are among the best in the world and reassured that industry members would continue upholding high product standards to keep the nation proud.
“The Nigerian cable industry remains a formidable force globally. I believe this policy will further strengthen the progress we’ve made over the years,” Adubi added.
The global wires and cables market, valued at $211.62 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 4.1% between 2024 and 2030, driven by increasing urbanization and global infrastructure development.
