Foreigners won’t dominate power sector –Minister

[Mirror]

The Federal Government has said that it would not allow foreigners to dominate the power sector after the privatisation process.

The Minister of Power, Prof. Chinedu Nebo, gave the assurance during the inauguration of some injection sub-stations under Eko Electricity Distribution Company in Lagos.

Nebo said the present administration was very keen about local content initiative, adding that Nigerians and the Power Holding Company of Nigeria, PHCN, workers would be actively involved when the new power sector investors took over

He said: "Local content is key to this present government and I am so serious that the new power investors will not dominate the power sector market.

"We are not going to allow the new power sector investors to flood the entire power market with foreigners.''

Nebo said Nigerians would be part of the new investors' team at all levels, including management level.

The minister appealed to workers to be committed to their duties and be available to the new investors.

He said: "It will not be acceptable; our people must be seen working with them.

"We have told the investors to provide their company structures and schedule ahead of time.

"Those of them who will bring foreigners must indicate the roles and positions they will be occupying, so as to involve Nigerians in their duties and dealings."

Nebo said the agreement was part of what had been signed in the course of the power sector privatisation process.

Speaking on the handing over of power stations to investors, the minister said the transfer of power stations to assets bidders in July might not be realistic.

According to him, many of the investors who have paid the initial mandatory 25 per cent part payment for the value of the assets are willing to take over, while they are yet to pay the remaining 75 per cent.

National Mirror

[Folami David]

The Power Sector of this country needs to really improve else things would go very wrong. Let there be light!