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‘How To Solve Nigeria’s Power Sector Problem’

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As stakeholders in the nation’s power sector continue to trade blames over inability to provide electricity, one of Nigeria’s leading Industrialists and Chairman, Blue Diamond Logistics, Mr. Festus Mbisiogu, has urged President Muhammadu Buhari to use opportunity of his forthcoming scheduled visit to China to fully engage Chinese investors in Nigeria’s Power Sector to solve the problem. Mbisiogu told journalists since the President Buhari is one of the African leaders expected to attend the Forum on China Africa Cooperation (FOCAC)
Summit will hold in Beijing, China this month, he can leverage on the opportunity to put an end to the age long problem. According to Mbisiogu, the recent complaints by Distribution Companies, DISCOs, in Nigeria operating at huge losses and the revelation by the Bureau of Public Enterprises, BPE, that most of the DISCOs were technically insolvent, are a warning that something drastic and proactive needs to be done in that sector. He said: “It is obvious that these firms are operating below optimal level. They are overwhelmed by the challenges in the sector and they have no solution to these problems.

“That have fallen shot both in price structure and liquidity and that is why we are still yet to obtain a reasonable level in power distribution. Typical of everything Nigeria, the Federal Government has allowed the DISCOs to take advantage of everyone and many Nigerians are paying for the services they do not enjoy. “Besides epileptic and poor services, outrageous billings and lack of commitment to the provision of meters for electricity consumers to ensure fair billing have been the hallmark of these DISCOS. “How long are we going to continue to spoon-fed these firms from our national treasury without any corresponding positive effects,” Mbisiogu queried. He reiterated his call on the Federal Government to review the contract with the local investors as well as declare a state of emergency on the power sector. “At no other is it timely and more appropriate than now for the government of President Buhari to declare a state of emergency on power. A recent statistics from the National Bureau of Statistics says 7.6 million Nigerians lost their jobs from January to June 2018.

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