05 March 2018, Sweetcrude, Lagos — The Minister of Power, Works and Housing, Babatunde Fashola, has said the ministry has approved distribution extension projects in the power sector.
He made the disclosure while receiving Institutional Investors, inclusive of HSBC, China group 3 and 4 led by the Managing Director of Stanbic IBTC, Dr. Damola Sogunle, in his office recently.
According to him, the move by the ministry is to optimize on existing capacity.
He added that investors in the power sector should be able to bring in value by looking at areas where investment is actually required; saying that supply of meters will improve service delivery and end-user confidence in the electricity distribution companies.
The minister further disclosed that the federal government who is currently holding 40% equity in the power sector, is of the opinion that privatisation is logical, arguing that it has been successful in the media, banking, aviation sectors amongst others.
The meeting was attended by Minister of State 1, Federal Ministry of Power, Works and Housing, Hon. Mustapha Baba Shehuri, the Permanent Secretary, (Power Sector), Engr. Lious Edozien, Director of Finance, (Works and Housing Sector), Alhaji Ibrahim Tumsa and other Directors in the Ministry.