Nigeria will overcome her crippling energy challenge if the rulers allocate just a fraction of the huge revenue she earns in the oil and gas sector to fix the bed-ridden power sector.
The International Energy Agency (IEA) chief economist who made this observation however said the country was going the right route by privatising its electricity sector, referring to the government’s call last month for international investors to pour $100 billion into its ailing octopus, the Power Holding Company of Nigeria (PHCN).
Dr Fatih Birol said the country which is the No. 3 oil exporter to the United States of America (USA) could immediately solve its electricity woes if the government decided to reallocate a mere fraction of its vast oil and gas revenues.
“If Nigeria were to spend 0.4 per cent of its oil and gas revenues to energy power and electricity, they would solve this problem immediately, Other countries [aside from Nigeria] are not getting revenues from oil and gas. If left to the markets they will never get access to electricity.”