Nigerian Economic Summit Group (NESG) has said Nigeria spends N5.075 trillion annually to power generators.
NESG in its Market diagnostics and solutions framework for the Nigerian Electricity Supply Industry (NESI), quoted this figure from African Development Bank’s Report.
Mr. Yinka Iyinolakan, Head of Corporate Communications, NESG, in a statement yesterday said the inconsistencies in the power sector over the years have limited the growth and expansion of the Nigerian economy.
Iyinolakan said with the recent postponement of the implementation of the new electricity tariff, it is evident that not much has changed in Nigeria’s electricity industry.
According to the statement, “It has become pertinent that Nigeria needs an improved electricity industry and constant power supply for the country to move forward.
“Over the years, the Nigerian Electricity Supply Industry (NESI) has undergone fundamental changes with the implementation of the government’s reform programme reputed to be one of the most ambitious privatisation exercises in the global power industry.
“Some fundamental changes that have occurred in NESI over the years include the formation of the Power Holding Company of Nigeria (PHCN) in 2005, unbundling of PHCN into 18 independent companies and commencement of 10 generating plants in 2016 to introduction of multi-year tariff order committee in 2008.
