The minister of Power, Works and Housing, Mr Babatunde Fashola, has said the Nigerian power sector is heavily dependent on imported human resources, materials, equipment and services making it vulnerable to foreign exchange fluctuations.
Fashola, who spoke, yesterday, at a workshop on the ‘Regulation on National Content Development for the Power Sector 2014’ in Abuja, said “It is consequently vulnerable to foreign exchange availability and rates, to the extent that contracts for gas and generation are denominated in foreign currency.’’
Fashola who was represented by the Director of Procurement, Federal Ministry of Power, Works and Housing, Engr. Ahmed Abdul, said the present administration was committed to developing local content and as such, President Muhammadu Buhari in February 2018 signed the Executive Order 5 to promote local content in public procurement processes.
Source: Daily Trust