- Nigeria Needs Policies to Drive Power Sector Growth
The Executive Director and Co-Founder, Sahara Group, Tonye Cole, has highlighted the need for policies to drive and sustain productivity in the nation’s power sector.
Cole stated this during a visit to Egbin Power Plc, an affiliate of Sahara Group, by 20 Harvard Kennedy School graduates.
A statement on Wednesday said the graduates from the 2017 Masters in Public Policy class learned about how continuous investments in technology, human capital, overhauls and upgrades were driving the unfolding transformation of the power plant, which is responsible for 25 per cent of power generated in Nigeria.
Cole told the delegates that the privatisation of the sector was a critical step Nigeria had to take in its pursuit for a reliable and sustainable power sector.
He said, “What we now need are policies that will drive and sustain productivity across the value chain of power generation, transmission and distribution.
“We have been pioneering advocacy efforts to this end and given the commitment of the current administration, through the Minister of Power, Works and Housing, Babatunde Fashola, as well as the collaboration of all stakeholders in the sector; we believe that we can look forward to a brighter future for the power sector.”
Cole explained that adopting the right policies would encourage continuing and new investments, address the need for cost-reflective pricing of electricity; improve customer experience, promote alternative energy and off-grid solutions, and position the sector for enhanced efficiency.
He described power supply as a subject that required global collaboration by different stakeholders, given its impact on sustainable development.
He said sundry smart power solutions could be explored and deployed to serve rural communities and boost power generation and supply across Africa.
Cole said, “At Sahara, we believe that the world needs a cohesive platform to address power challenges across the globe in order promote peace, economic growth and development.
“In Africa where the need is quite dire, I believe we can deliver power to more people and businesses with collaborative interventions led by the private sector, power firms, multilateral institutions and the governments that determine policy.”
Speaking on ongoing efforts to diversify the economy, Cole said the bedrock of sustainable growth could only be achieved through multiple streams of income.
He urged the delegates to pursue the adoption of destination specific research activities that would throw up appropriate business models that will thrive across diverse markets.