The Group Managing Director of CFL Group, a diversified infrastructure company, Lai Omotola has suggested the only way Nigeria can get out of the age-long unstable power supply bedevilling the most populous black nation.
It will be recalled that in June 2018, the Advisory Power Team Report rated Nigeria as the second worst in the world in the area of poor power supply out of 137 countries surveyed.
Nigeria has also been rated as the highest importer of generator in Africa. According to a report by Nairametrics, Nigerians spent about $12bn in fuelling generating sets in 2019.
It is no longer news that many companies, firms have been shut down in Nigeria, while some have been forced to relocate to neighbouring countries that have more stable electricity supply.
Lending his voice on the lingering problem of power supply during the company’s annual Press briefing at E-Boot Camp Conference Center, Maryland, Lagos on Thursday, Omotola said that the only panacea to this problem that seems to defy all solutions is for the government to concession the power industry to just one viable company for 30 years. He noted that the firm that would handle it should have the required financial muscle and strong technical ability.
Acccording to him, the arrangement should be that the company would make the money it invested within the ten years and the profit within the next twenty years.
“Just one company with the needed financial muscle, the required technical ability will fix the power sector. These people will come with thousands of transformers and other equipment that will be enough,” he said.
He stated that the firms who are currently handling the power sector don’t have the necessary financial strength and the technical know-how to manage the sector effectivey after the much awaited privatisation of the sector.
“That is why there are always blame game among the key players in the power sector; GENCOS, DISCOS and NBET. If we look at the situation as it is; DISCOS and GENCOS are heavily indebted,” he lamented.
Citing the Enron project embarked upon by Bola Tinubu while he was the Governor of Lagos State, Omotola added that state governments can also do a lot to help in solving the challenges rocking this essential sector
“Take a look at Canaan Land owned by Living Faith Church and the Redemption Camp owned by the Redeemed Christian Church of God, they have been able to supply their own power supply and it has been stable for years without interruption. If they can achieve it, the state governments too can do that in their states,,” Omotola stated.
He also spoke about the rail projects across the country, saying that the projects would not last long because it carries political undertone and more of sentiments.
