FG urged to revitalise power sector

The federal government has been urged to recapitalise and nationalise the electricity sector to stir economic growth and industrial development.

The advice was given by a founding member of the All Progressives Congress (APC), Mr Osita Okechukwu, in a press statement in which he also described the privatisation of the sector as a disaster that has led to increasing energy prices, job losses, and factory closures.

He said the only valid option is to recapitalise and restructure the energy sector around public ownership by borrowing $30bn to generate 30,000 megawatts under public ownership in less than 10 years.

“Mr President, we are in an economic crisis like the UK after the Second World War. Labour, a progressive party like the APC, strengthened their economy, nationalised fundamental industries like electricity and their electricity sector generated 30,000 megawatts in less than 20 years. Why can’t we recapitalise with $30 billion to generate 30,000 megawatts in less than 10 years under public ownership?….

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“It is my considered view that the loan will pay itself if Mr President nominates credible professionals with proven capacity in delivery and transparency to not only implement this grand national project but to carry out thorough studies to establish the investment requirements that will holistically fix the electricity chain.”