|Mr Sunday Oduntan, the Executive Director, Research & Advocacy of ANED|
Mr Sunday Oduntan, the Executive Director, Research & Advocacy of ANED, made the disclosure in Lagos at a summit organised by World Stage Ltd, said the growth of the sector largely depends on funding of liquidity by subsidy and private sector funds, incremental generation, stability as well as security in the generation.
He advocated that other milestones include that MDA debts must be paid, focus on transmission funding and security of power supply, cost-reflective tariffs for DisCos, strong and independent regulator, continuous and sustained investment on electrical infrastructure particularly TCN, aggressive metering across the board must be sustained.
In his presentation, ‘Getting The Power Sector Right To Boost Productivity,’ he said the power sector was facing many surmountable and difficult challenges that had made it unable to play its role as the engine of growth for job creation.
He said, “The whole electricity supply chain still remains comatose; the promised increased generation and reliability as part of privatisation – has not happened; generation continued to hover in the mid-range of 3000 to 4000 Megawatt; energy theft and meter bypassing are very rampant; and insufficient number of meters due to liquidity gap and massive shortfalls,” he noted.
Oduntan added, “GenCos have been bedevilled by gas supply issues, cost and vandalism of gas pipeline networks in, delay and frustration in construction power plant sometimes on land and contract.”
The Director, Department of Petroleum Resources, who was represented by Mr. Kanmi Ayodeji, Manager, Planning, in a presentation titled ‘Nigeria’s Oil & Gas Reforms – Boosting Indigenous Participation & Energy Security,’ said current reforms, initiatives and strategic plans in the oil sector were capable of boosting economic growth and create jobs.
He observed that reforms such as initiated the modular refinery strategy to boost domestic refining capacity, improve the supply of petroleum products and create direct and ancillary jobs.