Cash Crunch Won’t Affect Power Sector – Nebo

The minister of power, Prof Chinedu Nebo, has said that the financial constraints facing the country as a result of falling oil price will not affect investments in the power sector.

According to him, the private sector will not be adversely affected by the obvious constraints occasioned by the dwindling oil revenue as
bankable proposals from them will bring out money from financial institutions, not budgetary provisions.

He stated this yesterday at the beginning of a two-day workshop for the validation of the Power Sector Local Content Development Initiative and Policy Documents in Abuja, yesterday.

The minister used the opportunity to challenge stakeholders to come up with acceptable policy direction that would strengthen and consolidate on the gains recorded in the on-going sector reform. Represented by the permanent secretary in the ministry, Amb Godknows Igali, Nebo noted that it was time for stock taking to check gains of privatisation.

The minister, who said that with the reform, concrete and tangible results have been recorded in the area of quantum injection of capital, both foreign and local, added that “it is on record that at the recent privatisation exercise the bulk of the money invested in the sector came from local financiers.”

He, however, lamented that all the gains of privatisation, in terms of more access to electricity, have been wished away by the unpatriotic act of pipeline vandalism.

In this regard, however, he said government has increased surveillance, and community involvement while also working closely with the new owners and security agencies with a view to protecting the facilities.