The minister of power, works and housing, Babatunde Fashola, on Tuesday in Abuja said that in today’s power sector, government role is in not to fund business, but to regulate safety and standards, and ensure the training of specialized professionals to run the sector effectively, sustainability and profitably.
Fashola stated this when he received in his office the acting executive secretary, Nigerian Investment Promotion Commission (NIPC), Ladi-Sule Katagum Timothy Oyedeji, who is the director of press in the ministry said in a statement.
According to the minister, until the Muhammadu Buhari’s administration came on-board, the nation’s power sector has been driven by business men who were mostly motivated by profit, hence over the years, no proper consideration for due process, respect for law and order, indeed sustainable policy direction has not been adhered to.
This, he noted, has been responsible for the proliferation of sub-standard equipment and materials, policy summersault, lack of consumers’ centred interests, unreliable data for planning, as well as lack of professionalism and concerted efforts in doing things right.
He said that for those who want meters they should contact the Distribution Company in their locality, for no meters would be purchased for anyone or group by Government as those concern are in the hands of the private sectors.
“The law is clear on this, for those that are desirous in investing in power plants they must start from Nigerian Electricity Regulatory Commission (NERC), where they are expected to get appropriate permits and licences after which they are to approach the Nigerian Bulk Electricity Trading Company (NBET) for Power Purchase Agreements (PPAs),” Fashola stated.
With PPAs, investors can access fund from banks and other financial institutions to secure financial muscle for their projects.
the minister stressed that government is determined to protect the interest of the customers and will also allow for reasonable margin as profit.
“No Government will allow profiteering,” he said, while further stressing that today’s business men have to be thorough, well informed and knowledgeable, and must follow the law or laid down procedures at all times.
The minister encouraged the visiting team to engage in information gathering through interaction with various government agencies relevant to its mandate in order to develop a robust structure for a twenty-first century investment promotion outfit.
In her speech, the NIPC boss, Ladi-Sule Katagun, informed the minister that her mission is to develop an appropriate framework for the development of “Ease of Doing Business Modul” through interaction with the main drivers of the sector.
She said her visit to the ministry is also to find out things on the ground in response to many inquiries and concerns about the sector, adding that NIPC is poise to seeing in the quickest possible time that processes of getting projects on track are shortened.
