'The World Bank estimates that the lack of reliable power costs the Nigerian economy over $26.2 billion (N10.1 trillion) which is equivalent to about 2 per cent of Nigeria’s GDP,' the think tank said.
An Abuja-based policy think tank, Agora Policy, has urged the incoming administration to consider re-privatising some of the nation’s electricity distribution companies .
“By “sensible activation” of contracts, we mean allowing more bilateral negotiations, rather than an imposition, of market contracts amongst parties in the industry, under the regulatory oversight of the NERC. For instance, it said in 1999, Nigeria had nine power generating stations, three hydro and six thermal stations with a total installed on-grid generation capacity of 5,906 MW, but with available generation below 1,500 MW.
Recommending policy for the next administration, Agora Policy said there is a need for the government to stop thinking about electricity in terms of megawatts that can be generated, and start thinking in terms of incremental megawatt-hours generated and consumed. “Increasing generation capacity to 20,000 MW without most of the 20,000 MW being consumed or a corresponding increase in electricity consumption is not only meaningless but also fiscally detrimental to the country,” it said.
“The incoming administration should continue the implementation of these and perhaps other projects and initiatives of the Buhari administration in the electricity sector.interventions, the incoming administration should also review and optimise some of these programmes and initiatives to ensure value for money,” it said.
It said the incoming government should consider the establishment of a standing inter-ministerial energy committee to be chaired by the vice president.
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