Nigeria: LCCI urges private companies to invest into the power sector

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Dirisu Yakubu with agency reports

The Lagos Chamber of Commerce and Industry (LCCI) has urged private company owners to invest into the power sector so as to boost the country’s power supply this year.

According to the LCCl Director General, Muda Yusuf , the provision of a stable power supply could make Nigeria become self-reliant and attract foreign investors into the country.

The Nigerian power sector lost an estimated N1.578 billion at January 7, 2017 as a result of gas and water constraint, according to daily operational report of the Nigerian Electricity System Operation. Gas constraint was put at 3137MW, while the water management constraint was 150MW.

Yusuf advise the Federal Government to ensure the quick payment of all debts owed to power firms as stipulated in the 2017 budget, in order to be able to address the problems in the sector and reduce unemployment.

Liquidity in the power sector should be enhanced to ensure improvement in power supply. It is equally important to ensure adequate capitalization of the Electricity Bulk Trader to provide liquidity to the GENCOs and the Gas suppliers. The private sector owners of the power firms should also inject greater equity finance into their investments,” he told Guardian news.

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