Business Hilights

Tracking Nigeria's Headline Business News Online

fashola switches op transmiter

Forget cancellation of power sector privatization, FG tells angry Nigerians

Ad 2
Ad 3

Contrary to the speculations of many Nigerians that many of the privatization of the power sector carried out by the last administration will be bungled away very soon, the Minister of Power, Works and Housing, Mr. Raji Fashola, said the Federal Government would not revoke the privatisation of the nation’s power sector.

The Minister made the disclosure in Lagos at the 5th European Union (EU)-Nigeria Business Forum with the theme: “Harnessing Nigeria’s Potential for Economic Growth” in Lagos.

According to him, “The Federal Government will respect and uphold the contract it has been committed to and inherited from the past administration. I am not in charge of power sector to revoke the privatisation agreement signed three years ago”.

He insisted that the government has nothing to gain from sending investors in the power sector parking, following calls from some quarters asking for revocation of privatisation of the sector.

Continuing, Fashola who was critical of the power sector reforms under the last administration argued that “If those calling for revisiting of the privatisation of the power sector meant to say improving the governance, performance and efficiency, then, I am here for that.

“If revisiting it will mean that Distribution Companies (DISCOs) should open up and investments should come in, I am for that. If it means that the entire power sector will become very efficient, I will support it.

“But, I will not support cancelling of the contracts we had with them. If we revoke privatisation of the sector, investors will carry their bags and go, they will tell others that Nigeria is not reliable for investment,” Fashola said.

The minister, however, urged the EU-business delegates to invest in the power sector, saying that no economy would grow without investment in infrastructure.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.