Mr. Kola Ayeye, a former Executive Director, Asset Management Corporation of Nigeria (AMCON), has called for synergy between the Central Bank of Nigeria (CBN) and the Nigerian Electricity Regulatory Commission (NERC) to reposition the power sector for enhanced performance.
Ayeye made the call in a statement issued in Lagos on Sunday.
He said it was time to admit the failure of the last power privatisation exercise, and recommended that NERC, CBN and commercial banks should invite global players into the power sector.
According to him, the player will commit to generate, transmit and distribute a minimum of 20,000 megawatts daily within five years and increase same to 30,000 megawatts daily by the tenth year.
“We will be contracting to pay for power successfully delivered to the consumers rather than contracting for the execution of power projects.
“Execution of power projects has produced poor results after huge investments in excess of 16 billion dollars.
“The nation has invested massively in power projects with poor results, so we should change the model. Rather than contracting to execute power projects, let’s contract best-in-class players to deliver power.
“It is not our business how they generate, transmit or distribute the power. They are to deliver the power. They will only get paid for the power they deliver to the consumers.
“Such big players exist and the size of the Nigerian power market is sufficient to attract them,’’ he said.