Nigeria’s power reform in order – IFC

Chinedu-Nebo-Minister-of-Power-300x200International Finance Corporation, a member of the World Bank, has said that the federal government has demonstrated substantial political will to put the Nigerian power sector on a sustainable path.

Bernard Sheahan, Global Director and Natural Resources Department, IFC/World Bank Group, who disclosed this, said there would be a meteoric progress for power sector reforms in years to come.

‘’We have seen substantial political will to put the Nigerian power sector on a sustainable path. As long as that will remains in place, we anticipate good progress for power sector reform areas where concerns are being addressed.

‘’For instance, concerns about gas supply are addressed in the Gas Master Plan and solutions to transmission constraints are well articulated. The primary requirement for continued progress is sustained political will to bring all these initiatives to fruition.’’

He said the immediate goal of the group is to deliver on the World Bank Group Energy Business Plan for Nigeria over the next 18 months.

He explained that the development would see the IFC supporting the addition of 1,500mw to the national grid through investment in about 3 to 4 IPPs and investments to support 2 to 3 distribution companies (Discos).

Overall, these interventions should help improve electricity supply to 8 million households, he said, adding that IFC plans to target interventions in generation, distribution, and gas supply.

He however said Nigeria requires an effective and transparent regulatory regime to provide stability and maintain competition in Nigeria’s electricity sector with private operators involved.

 

Information from Daily Trust was used in this report.

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