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The incoming administration of General Muhammadu Buhari has been advised not to jettison the privatisation of Nigeria’s power sector, as it will mean reversing the massive inflow of investment in the sector.
Minister of Power, Professor Chinedu Nebo, gave the advice on Wednesday while briefing reporters the Federal Executive Council (FEC) meeting presided over by President Goodluck Jonathan.
Nigeria had on September 30 2013 privatised the Power Holding Company of Nigeria, selling its stakes to private bodies.
The process was described as one of the most transparent in the African continent.
The incoming administration during their campaign commended the effort of the Jonathan-led administration in privatising the sector, but Professor Nebo still saw the need to request for continuity in the process.
He said the reversal of the privatisation programme will not be in the best interest of the country.
According to him, the reversal of the liberalisation of power generation, transmission and distribution will set Nigeria many decades backwards.
At the meeting, the Federal Executive Council approved the draft national policy on Renewable Energy and Energy Efficiency for Nigeria.
The Minister of Power said: “The policy is the first of its kind and is set out to address the issues of renewable energy within the Nigerian electricity supply industry”.
Also at the meeting, President Jonathan marked the 5th years anniversary of his administration.
The FEC offered special prayers to mark the anniversary.
The Minister of Power, Professor Chinedu Nebo, who is an ordained priest in the Anglican Communion and the Minister of State for Finance, Bashir Yuguda, offered Christian and Muslim prayers respectively.
Five years ago, President Jonathan took over the leadership of Nigeria as substantive president.
President Jonathan was sworn-in on May 6, 2010 by a former Chief Justice of Nigeria (CJN) Justice Aloysius Katsina-Alu, following the death of late President Umaru Yar’adua.
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