By Michael Eboh

The Lagos Chamber of Commerce and Industry, LCCI, has set up an advocacy group, the Power Sector Group, to protect the interests of stakeholders and bring about an improvement in the Nigerian power sector.

Speaking at the inauguration of the Group in Lagos, President of the Chamber, Alhaji Remi Bello, said the Power Sector Group would provide useful inputs for the Chamber’s advocacy activities in the power sector.

Mr. Effiom Edet, a renowned engineer, was appointed Interim Chairman of the Power Sector Group.

Bello said the Group is a fall out of the existing Science, Energy and Technology Group which has Vice President, Engr. Mrs. Joana Maduka as Chairperson.

He disclosed that the LCCI’s objective was to obtain optimal results on the current reforms of the sector by seeking maximum value for electricity consumers.

He added that the Group will also assist private sector investors, especially the indigenous ones, and seek proper identification of strategic areas in which government intervention is necessary along the power delivery chain.

“The Chamber is desirous of making the reform work for the economy, private sector and Nigerian citizens,” Bello maintained.

Participants at the inauguration, who were mainly stakeholders in the Power Sector of the economy, lauded the Chamber’s initiative and assured that the contributions of diverse stakeholders at the event towards the promotion of the sector would ensure ultimate realisation of the Chamber’s goal.

The LCCI, had a couple of weeks ago, expressed concern over the epileptic power situation in the country and lamented the slow impact of the power sector reform programme on power supply.

The LCCI had in a communiqué issued after its Council meeting, emphasized the need for the Federal Government to effectively manage expectations of the populace and provide support to investors in the sector to enable them tackle the current challenges.

“This has become necessary because of the strategic nature of the power sector in the economy,” the LCCI Council maintained.

The LCCI acknowledged the progress so far recorded in the power sector reform, but stated that the weak links in the power delivery chain should be identified and fixed.

While reacting to a Federal Government ultimatum to power firms to ensure uninterrupted supply of power, the LCCI declared that it would be impossible for the new investors in the power sector to provide uninterrupted power at the moment.

According to the LCCI, the new investors in the power sector invested their money in the project with a view to making profit and therefore, did not need an ultimatum from the president if they were poised to make their money or stay in business.

“The President gave the new investors an ultimatum, but what I am saying is that they do not need to be given an ultimatum. They are in the private sector. It is a profit making venture. If they are poised to make their money, they don’t need an ultimatum. Who will put his money into a business without thinking of how he would recoup his money?” he asked.