Minister Of Power Urges EU-Business Delegates To Invest In The Power Sector.


Minister of  Power Raji Fashola
The Minister of Power, Works and Housing, Raji Fashola, has assured Nigerians that the Federal Government would not revoke the privatization of the nation’s power sector but will continue to encourage foreign investors to invest in the Nigerian Power Sector.
Mr. Fashola who has been a firm advocate of the power sector made the assertion at the 5th European Union (EU)-Nigeria Business Forum with the theme: “Harnessing Nigeria’s Potential for Economic Growth” in Lagos.
“The Federal Government will respect and uphold the contract it has been committed to and inherited from the past administration.
“I am not in charge of power sector to revoke the privatization agreement signed three years ago,” the minister said.
According to him, the government has nothing to gain from sending investors in the power sector parking, following calls from some quarters asking for revocation of privatization of the sector.
“If those calling for revisiting of the privatization of the power sector meant to say improving the governance, performance and efficiency, then, I am here for that.
“If revisiting it will mean that Distribution Companies (DISCOs) should open up and investments should come in, I am for that.
“If it means that the entire power sector will become very efficient, I will support it.
“But, I will not support cancelling of the contracts we had with them.
“If we revoke privatization of the sector, investors will carry their bags and go, they will tell others that Nigeria is not reliable for investment,” Mr. Fashola said.

The minister, however, urged the EU-business delegates to invest in the power sector, saying that no economy would grow without investment in infrastructure.

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