Ukraine offer to help Nigeria fix troubled power sector

The Ukraine-Nigeria Business Council has offered to help Nigeria fix its troubled electric power sector, through a partnership with the Republic of Ukraine.

President, Ukraine-Nigeria Business Council, Mr. Ben Gbade Ojo who made this revelation on Monday in Abuja while presenting to the government, the EDS Ukraine power and engineering, disclosed how Nigeria’s decades-old electric power supply problems decimated efforts of successive administrations to boost industrial development, grow Gross Domestic Product (GDP) among others.

According to Ojo, over the years the challenge also decimated entrepreneurial efforts of hardworking Nigerians and denied many Nigerians employment opportunities.

Ojo who attributed the industrial and economic challenge faced by the country to poor electric power condition, pointed out the vast opportunities available for the sustainable development and maximal performance of Nigeria’s troubled electric power sector.

“For years, Nigerians have complained about erratic power supply. It is often reported that the generation and distribution of electricity in Nigeria leave much to be desired.

“For many decades, successive Nigerian governments had made concerted efforts to make the electricity market more efficient. In 2001, a novel National Electric Power Policy was promulgated. This policy aimed to transfer the ownership and control of power sector infrastructure to private investors to achieve power sector efficiency.

“The Electricity Act of 2023, signed into law by President Muhammadu Buhari in March 2023, and the Amended Act, signed into law this year by President Bola Tinubu permits private participation across all levels of the electricity supply chain, provided such private entities obtain the appropriate licence(s).

“Based on the amendment, Nigerians can now participate in the electricity supply business, which was previously the exclusive preserve of the federal government, as administered by the sector regulator, the Nigerian Electricity Regulatory Commission. (NERC).

“With the constitution amended, and the National Assembly having passed a law for the electricity sector in line with the amendment, and having become an Act, the states will now proceed to establish their power sector laws and regulations.

“The 2023 Electricity Act, by virtue, allows anyone to construct, own, or operate a business for generating electricity exceeding one megawatt in aggregate at a site.

“And the Ukrainian-Nigerian Business Council has fully mobilized to help the federal and state governments, and all electric power sector players and stakeholders benefit maximally from this revolutionary Electricity.”