We Cannot Develop Power Alone – FG

nuclear powerAn automobile leaves the RWE AG nuclear power plant in Lingen, Germany. Photographer: Hannelore Foerster
  • We Cannot Develop Power Alone

The Federal Government has urged private investors to invest in power sector in order to generate, transmit and distribute adequate and stable electricity to consumers nationwide.

Speaking at the just concluded Nigerian Association for Energy Economics/ International Association for Energy Economics, NAEE/ IAEE, 10th Annual International Conference in Abuja, the Minister of Power, Works and Housing, Babatunde Fashola, who was represented by Mrs. Folashade Oje, explained that the federal government has put in place mechanism that would help develop the power sector.

According to her, “We are trying to make business attractive in Nigeria in a way that the bottlenecks and bureaucracy are minimized. The government is trying to look at ways of attracting power investors to the sector. We are aware of the big gap between the supply and what is needed in the industry.

“The country generates over 5000Magawatts, MW, and we know that over 80 percent of this generation is from gas fired thermal power stations. The remaining percentage is from the large hydro electric power stations. We can’t get to the promise land with this.

“If we based only on the gas, honestly, we might not be able to afford it. But when everything is put together we might get to the point where sustainability would be achieved.

“Research should be encouraged. Government cannot do it all and that is the truth. If we want power, let everyone get involve so we would get to where we want to be in less time.”

Also speaking, Commissioner Research, Renewable Energy and Development, Nigerian Electricity Regulatory Commission, Dr. Musiliu Oseni, called for a sustainable pricing in the industry.

He said, “If you look at the business environment, in economics we believe that the objective of government is welfare maximization; business is for profit and consumers’ are satisfaction.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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