Stakeholders urge govt to set deadline for PHCN successor companies Thursday, 26 September 2013 00:00 By Wole Oyebade News - National E-mail Print User Rating: / 0 PoorBest phcn FOR speedy power sector reform and ultimately, stable electricity supply, stakeholders have called on the Federal Government to set deadlines for investors in the power generation programme. Campaigning under the aegis of Good Governance Initiative (GGI), the stakeholders also tasked the National Assembly to monitor the performance of these investors to ensure they give Nigerians sustainable power in the shortest possible time, as planned. At a briefing in Lagos on Tuesday, the GGI commended the Federal Government for the power sector reforms initiative and steps already taken to restore stable electricity in the country, which it said is central to the country’s socio-economic transformation and sustainable growth. GGI President, Festus Mbisiogu, said: “We know that government’s target is to generate 10,000MW by 2014 to meet the needs of about 120 million Nigerians who do not have access to electricity, but one important factor we must not gloss over is that Nigerians must extract promise from the investors. “Government must set the standard as well as deadline for the investors. We want to know when we will have steady power supply. Government must ensure that the investors adhere to this deadline.” The measure, according to them, would enable Nigerians to hold the private investors accountable while also making the power reform plan different from white elephant projects, which progress cannot be measured even after the expiration of the programme. The group added that it was not enough to take over the power plants, but “the participation of private investors in the power sector reform initiative should be aimed at making life better for Nigerians and impacting positively on the economy.” GGI noted that epileptic power supply is the main clog in the wheel of the country’s economic development, adding that it is “eating deep into profits of businesses in the country, particularly profit margins of companies in the real sector, which continue to incur huge expenses in powering their businesses.” According to the group, Nigeria has consequently become one of the highest importers of power generating sets in the world, spending N25 billion annually to import same. And due to lack of electricity, he added, most businesses rely on generators, which are very expensive to run, forcing many companies to shut down, as they remain competitive. “It must interest you to know that statistics from Manufacturers Association of Nigeria (MAN) shows that Nigerians spend over N800 billion annually to power their industrial generating sets while other small scale private businesses, banks and traders in various markets across the country spend over N2 trillion fuelling their generators to have power,” he disclosed. However, Mbisiogu expressed happiness that the power reform agenda is at advanced stage: “We know that government’s target is to generate 10,000MW by 2014 to meet the needs of about 120 million Nigerians who do no have access to electricity, but one important factor we must not gloss over is that Nigerians must extract promise from the investors.”