SAN FRANCISCO, November 10, (THEWILL) – The Minister of Power, Works and Housing, Babatunde Fashola, has declared that the Federal Government would not revoke the privatisation contracts of the nation’s power sector.
Fashola, the former Governor of Lagos State, made this known on Thursday at the 5th European Union (EU)-Nigeria Business Forum with the theme: “Harnessing Nigeria’s Potential for Economic Growth” in Lagos.
He insisted that the government has nothing to gain from sending investors in the power sector parking adding that Nigeria would lose trust before investors if contracts are revoked.
“The Federal Government will respect and uphold the contract it has been committed to and inherited from the past administration,” he said.
“I am not in charge of power sector to revoke the privatisation agreement signed three years ago.
“If those calling for revisiting of the privatisation of the power sector meant to say improving the governance, performance and efficiency, then, I am here for that.
“If revisiting it will mean that Distribution Companies (DISCOs) should open up and investments should come in, I am for that.
“If it means that the entire power sector will become very efficient, I will support it.
“But, I will not support cancelling of the contracts we had with them.
“If we revoke privatisation of the sector, investors will carry their bags and go, they will tell others that Nigeria is not reliable for investment.”
In his remarks, Akinwunmi Ambode, Governor of Lagos State, said the state was committed to the provision of critical infrastructure that would make doing business in the state a pleasure and profitable experience.
Represented by Tunji Bello, the Secretary to the State Government, Ambode said that the state recognised the importance of Small and Medium Enterprises (SMEs) which was one of the focus at the forum.
Story by Oputah David
