The Minister of Power, Works and Housing, Babatunde Fashola, on Tuesday, August 16, disclosed that the power sector under his watch, has infused world best standards in its activities, thereby curbing acts of profiteering, rather than delivery.
Fashola, who made this known when he received, the Acting Executive Secretary, Nigerian Investment Promotion Commission, NIPC, Hajia Ladi-Sule Katagum, in Abuja, noted that in today’s power sector, government policies, regulatory, safety and standards, training of specialised professionals, have all been inculcated in the system, and that in no distance time, Nigerians will soon begin to feel the impact.
This development is coming at a time when the nation’s power sector had been driven by businessmen, who were mostly motivated by profit, hence, over the years, no proper consideration for due process, respect for law and order, with no adherence to sustainable policy direction.
According Fashola, this has been responsible for the proliferation of sub-standard equipment and materials, policy somersaults, lack of consumers centered interests, no data to aid planning, indeed lack of professionalism and concerted efforts in doing things right.
“The law is clear on this, for those that are desirous in investing in power plants, they must start from the Nigerian Electricity Regulatory Commission, NERC, where they are expected to get appropriate permits and licenses, after which they are to approach the Nigerian Bulk Electricity Trading Company, NBET, for Power Purchase Agreements, PPAs”.
With the present arrangement, Fashola pointed out that, through the PPAs, investors can now access funds from banks and other financial institutions to secure financial muscle for their projects.
He reiterated the government’s determination to protect the interest of all customers, while also allowing reasonable margin as profit for investors.
On the issue of metering, he said those who want meters should contact the Distribution Company in their locality, as no meters would be purchased for anyone or group by government, as those concern are in the hands of the private sectors.
While urging on businessmen to be law abiding in this regard, he said there was a need for them to be thoroughly well informed and knowledgeable in all scientific inventions and developments in the power sector.
Concluding, Fashola encouraged the visiting team to engage in information gathering, through interaction with various government agencies relevant to its mandate, so as to develop a robust structure for a twenty-first century investment promotion outfit.
Meanwhile, the NIPC Boss, in her earlier remarks, informed the Minister, that her mission is to develop appropriate framework for the development of “Ease of doing Business Modus”, through interaction with the main drivers of the sector.
Hajia Katagum, explained that in its mandate of providing enabling environment for investors, the NIPC, received more enquiries on power than any other, and as such, NIPC, needs all information available to it, especially about the policy direction of the government.
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