The controversy surrounding the power sector plunged into further turmoil as investors in the electric Distribution Companies (DisCos) threatened to quit the business and divest their assets at discounted rates.
The investors, who made this disclosure, also called on the Minister of Power, Works and Housing, Babatunde Fashola, to urgently convene a meeting with investors in the DisCos if he truly wanted the sector to make progress.
They noted that they were willing to resell their assets to the Federal Government or any interested investor. The DisCos had bought the assets of the defunct Power Holding Company of Nigeria to oversee the distribution of power to consumers in the country, this followed the privatization of the power sector in 2013 with the Federal Government owing some percentage stake in the business.
WORLD BANK TO SUPPORT NIGERIA’s ECONOMIC GROWTH
The World Bank has expressed its willingness to provide technical support to Nigeria in critical areas to facilitate the country’s economic growth and development. The bank’s vice president for African Region, Mr Hafez Ghanem said this in a statement issued by Mr James Akpandem, Special Adviser to the Minister of Bidget and National Planning in Abuja.
He said the Bank would provide technical support for Nigeria in the areas of the Economic Recovery and Growth Plan (ERGP) Mid-term Review, Power Sector Reform, Public-Private Partnerships (PPPs) and population management.
The minister said Nigeria would appreciate the technical assistance in the areas of Power Sector Reforms and PPPs, ERGP as improvements in these areas were critical to achieving the rapid transformation of the economy.
SPE CHIEF WANTS STABLE POLICY TO INCREASE INVESTMENT IN ENERGY SECTOR
The Society of Petroleum Engineers (SPE) says a stable policy for the oil and gas sector will boost investment and hasten the economic diversification program of the Federal Government. Mr Chikezie Nwosu, the chairman, SPE Nigeria council, made the suggestion in an interview with a news agency.
Nwosu said creating an enabling business environment would attract more investors to the industry. According to him, long-term growth in investments will only come when Nigeria has a stable investment climate.
“Nigeria should increase its revenues from other sources using oil and gas as an enabler, especially gas to power.”