News Formal

Nigerian Electricity Supply Industry (NESI) Underperforms in Privatisation

  • 📰 TheNationNews
  • ⏱ Reading Time:
  • 35 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 41%
  • Publisher: 69%

Energy News

Nigerian Electricity Supply Industry,NESI,Privatisation

President Bola Ahmed Tinubu criticizes the performance of the privatised Nigerian Electricity Supply Industry (NESI) in the past 10 years. Lack of cost-reflective tariff is blamed for the industry's poor scorecard. Over 90 million Nigerians still lack access to electricity.

From President Bola Ahmed Tinubu’s assessment, the privatised Nigerian Electricity Supply Industry (NESI) has performed below expectations in the past 10 years. But stakeholders in the industry have blamed the horrifying scorecard on the lack of a cost-reflective tariff that has starved them of cash for investment and operations, reports JOHN OFIKHENUA(NESI) after a decade of their takeover.

Declaring open the Nigeria Electricity Supply Industry (NESI) Market Participants and Stakeholders’ Roundtable in Abuja, Special Adviser to the President on Energy and Power Infrastructure, Office of the Vice-President, Mr Sodiq Wanka, who represented him, submitted that the operators have not met the objectives of privatisation. He described how deplorable the state of the sector has been in the period under review. Tinubu said: “Ten years on, I believe it is fair to say that the objectives of privatising the sector have, by and large, not been met. Over 90 million Nigerians lack access to electricity. The national grid only serves about 15 per cent of the country’s deman

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UBN to Delist Shares from Nigerian Stock MarketUBN, one of the oldest listed companies on the Nigerian Exchange, is finalising arrangements to delist its shares from the stock market, reducing the market's capitalisation by N224.23 billion.
Source: TheNationNews - 🏆 6. / 69 Read more »

Oando secures $800 million loan agreement for acquisition of Nigerian Agip Oil CompanyOando has secured a $800 million loan agreement with African Export-Import Bank (Afreximbank) to facilitate the indigenous energy group’s acquisition of the entire share capital of Nigerian Agip Oil Company (NAOC). The loan agreement was signed at the on-going Intra-African Trade Fair (IATF2023) in Cairo, Egypt.
Source: TheNationNews - 🏆 6. / 69 Read more »