FG TO OPEN PRIVATISED POWER SECTOR TO NEW INVESTMENT PROCESS – MINISTER

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The Federal Government says the privatised power sector will open up for new investment process to enable new investors invest further in the development of the sector. The Minister of State for National Planning, Mrs Zainab Ahmed, said this in Abuja. Ahmed said the plan by government became necessary given the challenges in the sector. “The power sector has been privatised, but I am sure that every Nigerian will testify that the privatisation has not worked out well. What we set to achieve in terms of the development of the power sector has not yet happened.

“We have now come to a point where government, which is a share holder in power sector, and the investors must come together and decide to cede some of their holdings to the fresh investors. “The ceding of the holding to the fresh investors will enable them to inject new funds and new expertise to enable us to grow the power sector the way that will serve Nigerians. She said the process would involve government negotiating with the existing owners and deciding the right level of holding that would go for another round of sale.

She said that the opening of the power sector would also entail the review of tariff “to the extent that we said that the power sector will be opened up to a new investments process.