Ukraine Offers Assistance to Help Nigeria Address Troubled Power Sector.
Mr. Ben Gbade Ojo, President of the Ukraine-Nigeria Business Council, unveiled this proposition on Monday in Abuja while introducing the EDS Ukraine power and engineering to the government. He shed light on how Nigeria’s persistent issues with electric power supply over decades have hampered the endeavors of successive administrations to drive industrial development and enhance Gross Domestic Product (GDP), among other objectives.
Ojo emphasized that the protracted electricity supply issues in Nigeria have not only hindered entrepreneurial ventures of diligent Nigerians but have also deprived many individuals of employment opportunities. He highlighted the immense potential available for sustainable development and optimal performance within Nigeria’s struggling electric power sector.
“For years, Nigerians have lamented about inconsistent power supply. It is widely acknowledged that the generation and distribution of electricity in Nigeria fall short of expectations.
“For several decades, successive Nigerian administrations have made concerted efforts to enhance efficiency in the electricity market. In 2001, a pioneering National Electric Power Policy was introduced. This policy aimed to transfer ownership and control of power sector infrastructure to private investors to enhance efficiency in the power sector.
“The Electricity Act of 2023, endorsed into law by President Muhammadu Buhari in March 2023, and the Amended Act, enacted into law this year by President Bola Tinubu, allow for private sector involvement across all segments of the electricity supply chain, provided such private entities obtain the requisite license(s).
“In accordance with the amendment, Nigerians are now eligible to participate in the electricity supply business, which was previously exclusively managed by the federal government, under the oversight of the sector regulator, the Nigerian Electricity Regulatory Commission (NERC).
“With the constitutional amendment and the enactment of a law for the electricity sector by the National Assembly aligning with the amendment, and now having transitioned into an Act, the states will proceed to formulate their power sector laws and regulations.
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“The 2023 Electricity Act, in essence, permits individuals to construct, own, or operate businesses for generating electricity exceeding one megawatt in total at a site.
“And the Ukrainian-Nigerian Business Council is fully mobilized to support the federal and state governments, as well as all stakeholders in the electric power sector, to derive maximum benefit from this groundbreaking Electricity Act.”
