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Fashola: FG Won’t Cancel Power Sector Privatization

Posted: November 13, 2016 at 11:21 pm   /   by   /   comments (0)

The Minister of Power, Works and Housing, Babatunde Fashola, has declared that the Federal Government will not revoke the privatization of the power sector carried out three years ago, despite stringent calls by several influential interest groups to revoke the exercise.

Minister of Power, Works & Housing

Minister of Power, Works & Housing

The Minister who spoke at the 5th European Union (EU) – Nigeria Business Forum in Lagos on Thursday, 10th November 2016, assured that the Federal Government will respect and uphold the contracts that have been committed to and inherited from the past administration.

Reacting to the recent calls especially from business mogul, Alhaji Aliko Dangote as well as the Nigerian Association of Manufacturers, MAN, to reverse the privatization for better performance, the Minister maintained that government is not disposed to revoking the privatization agreements signed years ago because it has no gain in sending the investors away.

He assured those calling for a revisit of the sector’s privatization that he will support the improvement in the governance, performance and efficiency of the industry just and urged the EU – business delegates to invest in the power sector as no economy would grow without investment in infrastructure.

It is on record that the Minister has been urging the new power sector owners to expand their equity base by bringing in new investors who would provide the critically needed funds to further improve the liquidity profile, develop the sector’s infrastructure and upgrade service delivery.

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