The Executive Director, Research and Advocacy of the Association of Nigerian Electricity Distributor, Mr Sunday Oduntan, has said at a news conference in Lagos, that Nigeria may not have stable power supply in the next five years except the challenges confronting the sector are addressed.
“Lack of much needed investment in transmission and distribution network and rising energy theft among others. Except these challenges are addressed, we may not have stable power supply in the next five years. If the power sector collapses, many banks will collapse because in 2013 during privatisation, only one Distribution Company obtained foreign loan, others took loans from local banks in dollars. Privatisation was based on 30 per cent equity and 70 percent loan. The model was borrowed from New Delhi, India and it is working as we speak. If it is successful in India, why is it not working in Nigeria,” Oduntan said.
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