Enterprise Television- Poor Power Supply not Reason Nigeria’s isn’t Industralised – Fashola
The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has declared that the lack of adequate electricity in Nigeria cannot be responsible for the country’s slow-paced industrialisation, or drop in levels of her economic growth, adding that such claims by experts were not factual because the country currently has up to 2000 megawatts (MW) of redundant power that could go to its industries.
According to him, existing statistics in the power sector indicated that power generation companies (Gencos) have been able to grow their generation up to 7000MW, and the TCN equally able to transmit all of that, but the distribution companies (Discos) can take just about 5000MW, leaving a balance of 2000MW that industries in the country can take up but are yet to.
He disclosed that between 2013 and 2014, Nigeria’s economy steadily grew on a scale of seven per cent, adding that at that time, the country generated less power than it did today, yet her economy grew at that level.
Speaking on the financial troubles of the power sector and debts owed the market by agencies of the Federal Government, Fashola, explained that the Discos have been advised by the Federal Government to look to the States for the balance of debts owed them considering that it had verified what it owed them and got approval to pay them off.
Fashola, said the kind of conversation he expected from economic experts in the country were how to get the excess 2000MW to industries across board to drive down their costs of operations.