Strict regulation explains dysfunctional power sector in Nigeria, Accord says Imumolen
Professor Christopher Imumolen, Accord's presidential candidate and youngest candidate in the 2023 election, lamented the state of the power sector in Nigeria and offered modules for its growth.
During a recent media interview in Abuja, the 38-year-old stressed that the electricity sector must be open to domestic and foreign players and that its current status as a tightly regulated area is inappropriate.
He said more players are needed in the generation, transmission and distribution sectors, and that the Nigerian Electricity Regulatory Commission (NERC) must ensure deregulation.
He called it regrettable that since independence, Nigeria has only been able to supply electricity to 50% of the country.
Condemning Nigeria's low generation capacity, which remains precarious at 6,000 megawatts despite hundreds of billions of naira in investment by successive governments, he wondered what happened to the estimated 5 billion dollars in fare revenue generated each year.
He criticized widespread corruption in Nigeria's power sector and other sectors, saying that in order for Nigeria to escape the appallingly low supply to homes and industries - which is currently on average two hours a day - corruption must be strategically eliminated. In addition, energy production, transmission and distribution activities must be entrusted to experts who know the sector rather than political cronies or clients.
"For a remarkable impact and success to be registered in the power sector, it must be managed with the sincerity of government as a vital sector closely linked to national development.
“With adequate power supply, palpable economic dynamism will be injected into the economy and large, small and medium-sized enterprises will thrive,” he stressed.
He underscored the urgent need for a friendlier investment atmosphere in the power sector, which is so attractive to players who will make power stable in Nigeria, describing as shameful Nigeria's inability to providing adequate electricity to its citizens since 1960, and saying that Nigeria can only achieve overall productivity, prosperity and development when its sectors thrive.
Professor Christopher Imumolen, Accord's presidential candidate and youngest candidate in the 2023 election, lamented the state of the power sector in Nigeria and offered modules for its growth.
During a recent media interview in Abuja, the 38-year-old stressed that the electricity sector must be open to domestic and foreign players and that its current status as a tightly regulated area is inappropriate.
He said more players are needed in the generation, transmission and distribution sectors, and that the Nigerian Electricity Regulatory Commission (NERC) must ensure deregulation.
He called it regrettable that since independence, Nigeria has only been able to supply electricity to 50% of the country.
Condemning Nigeria's low generation capacity, which remains precarious at 6,000 megawatts despite hundreds of billions of naira in investment by successive governments, he wondered what happened to the estimated 5 billion dollars in fare revenue generated each year.
He criticized widespread corruption in Nigeria's power sector and other sectors, saying that in order for Nigeria to escape the appallingly low supply to homes and industries - which is currently on average two hours a day - corruption must be strategically eliminated. In addition, energy production, transmission and distribution activities must be entrusted to experts who know the sector rather than political cronies or clients.
"For a remarkable impact and success to be registered in the power sector, it must be managed with the sincerity of government as a vital sector closely linked to national development.
“With adequate power supply, palpable economic dynamism will be injected into the economy and large, small and medium-sized enterprises will thrive,” he stressed.
He underscored the urgent need for a friendlier investment atmosphere in the power sector, which is so attractive to players who will make power stable in Nigeria, describing as shameful Nigeria's inability to providing adequate electricity to its citizens since 1960, and saying that Nigeria can only achieve overall productivity, prosperity and development when its sectors thrive.
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