Stiff regulation reason for Nigeria’s dysfunctional power sector, says Accord’s Imumolen
Professor Christopher Imumolen, the presidential candidate of Accord and the youngest contender for the 2023 election, has bemoaned the state of the power sector in Nigeria and has proposed modules for its growth.
During a recent media interview in Abuja, the 38-year-old stressed that the power sector needs to be opened to both domestic and foreign players and that its current status as a strictly regulated area is inappropriate.
He stated that more players are required in the generation, transmission, and distribution sectors, and that the Nigerian Electricity Regulation Commission (NERC) must ensure deregulation.
He referred to it as unfortunate that since independence, Nigeria has only been able to supply power to 50% of the country.
Condemning Nigeria’s low generation capacity, which remains at a precarious 6,000 megawatts despite hundreds of billions of naira in investments by succeeding governments, he questioned what happened to the roughly $5 billion in tariff revenue that is generated annually.
He criticized the widespread corruption in Nigeria’s power sector and other sectors, stating that in order for Nigeria to escape the appallingly low supply to homes and industries—which is currently an average of two hours per day—corruption must be strategically eliminated. Additionally, the business of energy generation, transmission, and distribution must be given to experts who know the industry rather than to political acolytes or clients.
“For a remarkable impact and success to be recorded in the power sector, it must be handled with government sincerity as a vital sector tightly hinged to national development.
“With adequate power supply, a palpable economic vibrancy will be injected into the economy and large, small, and medium enterprises will boom,” he buttressed.
He emphasised the urgent need for a more friendly investment atmosphere in the power sector, which is so attractive to players who will make power stable in Nigeria, describing as disgraceful Nigeria’s inability to provide adequate power for its citizens since 1960, and saying that Nigeria can only attain overall productivity, prosperity, and development when its sectors thrive.