THERE is no doubt that several unsuccessful attempts at privatising the power
sector in Nigeria have been recorded, but stakeholders may have agreed to the
fact that there will be light at the end of the tunnel, even with great optimism
that uninterrupted power supply may be possible one day, even though the desired
change may not manifest at the blink on an eye.
This optimism may have been deeply rooted in the moves made by the nation’s
apex financial institution- the Central Bank of Nigeria (CBN) and the consortia
of Nigerian Banks, which have facilitated about 70 per cent of the funds that
have been invested in the power sector by successful bidders for the Generating
Companies (GENCOS) and Distribution Companies (DISCOS).
Authentic figures reliably gathered revealed that a total investment of
$357.7 million will be made in the DISCOS in 2013 and consecutively for the next
four years, bringing the total amount to almost $1.8 billion for a five-year
period.
Having paid up the 25 per cent of the acquisition cost in March 2013 and
the required balance of 75 per cent of the value of the electricity assets by
August 2013, the respective successful bidders will formally receive the GENCOS
and DISCOS as from October 1, 2013, thus bringing to a close a successful
chapter in the country’s power sector privatisation, which Oxford Analytica,
rightly noted is the first wholesale power sector privatisation in Africa. But
barring any negative turn of event, so far, there is reason to commend all
“hands on the deck.”
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