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Abstract
The availability of power is an inexorable catalyst to boost levels of industrial activity for economic development. Nigeria’s electricity supply is dismal owing to institutional, legal, regulatory and capital problems. With a large population, the abysmal generation of less than 4,500 megawatts of electricity hardly suffices for energy requirements. Government’s capital-intensive holistic reform of the sector for reliable service delivery with huge production target has been inadequate. The paper unveils the challenges and prospects of the reforms and its strategic implications for Nigeria’s socio-economic development. It identifies blatant corruption, lack of political will and international best practices as hampering success. It recommends that effective and efficient management of power supply will increase industrialisation, private and public participation, job creation, high productivity and redirection of youthful energies into productive forces to bring about national development. DOI: 10.5901/mjss.2016.v7n4p443
Highlights
The Nigerian power sector is primarily responsible for generating electricity for the country’s industrial activities to boost economic development
Nigeria’s National Assembly, in an effort to contribute in revitalising the sector, has carried out investigations on the sector and tried to articulate power sector reform and ways of energizing the sector into efficient and competitive electricity industry, which provides a continuous supply of electricity to consumers at an affordable price (Federal Ministry of Information, n.d.)
Analysts like Adenikinju have concluded that the power sector reforms against the background of institutional, legal, regulatory and capital challenges and prospects of efficient and competitive operation of the power sector in Nigeria was found to hold great promise as a special case of clear policy decision to boost Nigeria’s social and economic development. He noted that lack of political will to see reforms through due to varied private-regarding interests have been used to either slow down the processes or reverse them completely; alienation of Nigerians and other stakeholders from the reforms, leading to resistance in implementation, especially the power privatization, deregulation of the downstream and passage of the Petroleum Industry Bill (PIB); intra-government conflicts with opposing interests in the process working to undermine one another’s interests, which have kept the PIB in the National Assembly for over ten years despite being touted as the best thing to happen to the energy sector if and when allowed to see the light of day
Summary
The Nigerian power sector is primarily responsible for generating electricity for the country’s industrial activities to boost economic development. On assumption of office in 2007, President Yar’Adua stepped up the reform in compliance with the objectives of the EPSRA 2005, to improve energy production, transmission and distribution; beginning by declaring emergency in the sector in order to move power production from its abysmally low to higher level that would serve Nigeria’s energy need for economic development. The project yielded dividends as power plants were privatized and commissioned, and management staff of PHCN were demobilized and competent ones re-absorbed in the new arrangement This action gave some level of confidence to investors in the sector. It is against this background that the study seeks to unravel the challenges and prospects in the reform package to boost Nigeria’s economic activity, infrastural development and general well-being of the Nigerian people
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