Latest posts
Home / Nigeria News / Nigeria needs $6bn to develop power sector

Nigeria needs $6bn to develop power sector

Federal Government has said it would require $6 billion to be committed  annually towards the development of power sector infrastructure in order to  meet Nigeria’s Vision 20-20 economic aspiration.

Nigeria’s Minister of State for Power, Nuhu Somo Wya,  has said the country needs  up to $6b billion  to develop the ailing power sector to meet National demands. Speaking during a facility tour of the Jebba Hydroelectric Complex in Jebba, Kwara state,   said government does not have the kind of money required to power the energy needs of the economy and as such has sought the intervention of mega financial institutions like International Financial Corporation (IFC) on the problem.

Wya noted that the reason why private  institutions have been reluctant to commit funds into public enterprises run by government was because those who run such businesses  have never been  known “to be committed, efficient and profit-oriented”.

According to Wya,  if the government had tried all these years without succeeding despite enormous fund injection in the sector, “commonsense demands that it tries other alternatives like contracting the sector out to committed institutions and corporate bodies with tested management finesse in order to get results”.
He said that the ongoing reforms in the sector is to encourage private-public-participation synergy in order to quickly meet the yearning desires of the nation.

He allayed the fears of the workers over loss of jobs, saying the reform is meant to improve the productive capacity and widen the operations of the sector in line with the country’s needs.

“We are not laying off the workers but your productive capacity must not only meet global standard but also justify the enormous resources invested in the sector to provide electricity on commercially oriented basis”, he said.

Chairman of Senior Staff Association of Electricity and Allied Companies, Mr. S.V. Azua, told the Minister that the workers have the requisite operational skills needed  to make the country’s dream for stable electricity supply a reality.

According to him,  the workforce has helped to maintain the plant facilities at the Jebba Hydroelectric Complex, adding thatif regular annual maintenance schedule of the plant is followed and plant overhaul maintained according to manufacturers’ specification coupled with availability of funds, the workforce will be ever ready to improve the performance of the station and increase overall efficiency of the machine.