THE much-awaited year 2012 that is expected to herald stable and uninterrupted power supply for Nigerians is here. The sale of 17 out of the 18 successor companies of the Power Holding Company of Nigeria (PHCN) is expected to be completed by the end of the second quarter of the year. Also, a new investor-friendly electricity tariff is expected this month of January. That Nigeria is suffering from acute inadequate power supply is not exaggerated. Investment and growth in the sector had stagnated for about 40 years and lagged behind growth in the population and needs of the people and businesses. The result is inadequate capacity, obsolete equipment and poor performance. Added to these persistent problems is the fact that until the 2005, power sector reforms in the country, power generation, transmission and distribution were all state monopolies. Furthermore, more Independent Power Plants (IPPs) are due to be commissioned and come on stream during the year, while some of the Federal Government's power plants are also expected to come on stream. The significance of stable electric power supply stems from the fact that it is needed in all sectors of the economy for the economic growth, expansion of the manufacturing base, and the overall development of the country. Electric power supply is a major hindrance to accelerated economic growth of the country. In fact, following inadequate power supply in Nigeria, many companies have closed their operations in Nigeria and moved to set up in Ghana and some other West African countries. It is also ridiculous that in spite of the abundance of raw materials for power generation in the country 'gas, coal, hydro and sunshine, Nigerians remain among the most deprived of grid-based electricity in the world with a per capita consumption that is far lower than many other African countries. For example, with 100,000 grid 'based electricity for a population of 201million, Brazilians enjoys 93 per cent more grid-based electricity than Nigerians, while with 40,000 MW for 50million citizens, South Africans has 97 per cent grid-based electricity than Nigerians. Deregulation of the sector will lead to improved distribution of power, stable power supply, and elimination of cheats in the system and generation of employment opportunities for Nigerians. In addition, it will also allow new power generation plants to spring up so that other sources of power generation such as coal, which is abundant in the country can be better harnessed. In the new dispensation, all sources of power generation especially, hydro, gas and coal will be utilised to generate electric power for Nigerians. Going forward, it must be noted that in spite of the successes in the telecoms sector, more progress could be made in the sector and in the country if there is improved and stable power supply. For example, machineries and equipment in the telecoms sector including hand-sets are all foreign-made. With improved and stable electric power supply, many of the equipment in the telecoms sector including hand-sets would be manufactured in the country, thus creating more jobs for Nigerians. Also, improved and stable power supply in the country would lead to the creation of more jobs in the country as more cable, transformers, switch gears and power tower equipment manufacturers, among others, would spring up in the country. At the same time there would be more investment-friendly environment for investors to invest in the country. As the government gets set to complete the sale of the successor companies of PHCN, it must handle the accompanying labour issues carefully and ensure that the new owners of the companies employ those that are considered useful among the present workers of the companies on a new slate, while all the staff are paid there severance benefits. Nigerians have waited long enough for stable power supply. It is about time the leaders get the reforms right once and for all.
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