A Review of the Nigerian Energy Industry

Insufficient funds, low tariffs, bane of power sector – Peterside

26 September 2012, Sweetcrude, ABUJA – MR. Atedo Peterside, chairman of Nigeria’s technical committee on Privatisation says the power sector in the country has been saddled with insufficient funds and low electricity tariffs.

Peterside, who is also a member of the National Council on Privatisation, NCP, said, Tuesday, at the opening of financial bids for the privatisation of Power Holding Company of Nigeria, PHCN, successor generating companies, GENCOS, that the government’s privatisation programme for the power sector remained on course.

He was obviously speaking in reference to the recent resignation of former power minister, Prof Barh Nnaji and the fears that have continud to be expressed over the possible derailment of the privation exercise following his resignation.

Peterside said the arrived of Canadian firm, Manitoba, as management contractor to the Transmission Company of Nigeria added to the privatisation of distribution companies, DISCOS and GENCOS and renewed gas supply to the power stations will bring efficiency to the power sector, allowing it to drive economic growth.

Efficiency in the power sector, according to him, will “help unleash long-term private sector investment activity in the country generally.”

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  • It is equally important to point out that government’s obvious inefficiency and the lessons derivable from its management of the power sector calls for serious assessment of government ownership of other critical infrastructure such as hospitals, refineries, etc. We cannot afford to gloss over the sheer cost to tax paying Nigerians in terms of lives and property.

  • How about corruption and the greed of officials of govt and power holding?.