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Punch Newspapers punchng.com 02 Aug, 2022 06:00 am

Nigeria’s energy crisis is getting worse

Nigeria’s energy crisis is getting worse
FROM Nigeria’s energy sector, the bad news is coming in torrents. Banks and regulators have moved in on five electricity distribution companies, diesel and aviation fuel prices have risen four-fold

The privatisation of the sector in 2013 that would have revolutionised the power sector was bungled by corruption and cronyism.The government needs to conduct a power asset inventory and audit to determine priority investment needs across the value chain and seek domestic and foreign investment in the power sector.Since they lack the capacity, the investors, including the Federal Government that retains 40 per cent stake in each, should be encouraged to cede majority stake to competent global operators in the power sector to enable Nigeria to achieve a reliable power sector to oil its economy, the biggest in Africa.Related News Firm response needed to tackle energy crisis Poor facilities denied Nigeria benefits of global energy crisis –LCCI Govt, W’Bank open talks on Nigeria’s energy crisis To help the power companies to get on their feet, the Central Bank of Nigeria in early 2015 launched the N213 billion Nigeria Electricity Market Stabilisation Facility to support operators with credit.

Gas supply – for industrial use and cooking gas – has been hit by shortages and prohibitive prices too.To leave a positive legacy, the Buhari regime should solve the gas supply problem.

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