President Tinubu expressed on Monday that the privatization of Nigeria’s power sector has not fulfilled its intended goals.
He noted that even though the sector was privatized a decade ago, the national grid currently serves only around 15% of the country’s electricity demand.
Tinubu conveyed these remarks during a roundtable discussion involving market participants and stakeholders in the Nigeria Electricity Supply Industry. He called for the recapitalization of power distribution companies.
Represented by Sodiq Wanka, the Special Adviser, Energy and Infrastructure in the Office of the Vice President, the President stated, “Ten years after the privatization, it is evident that the sector privatization objectives have not been significantly achieved. Over 90 million Nigerians still lack access to electricity.”
He further emphasized that households and industries have been compelled to rely on costly self-generation methods to meet 40% of the nation’s electricity demand.
Additionally, President Tinubu pointed out that the total electricity capacity transmitted through the national in grid has remained relatively unchanged over the past decade.
The grid’s capacity has increased slightly from over 3,000MW to approximately 4,000MW today. This is notably below the Federal Government’s pre-privatization target of 40,000MW by 2020.
Source: Bushradiogist
