Minister of Power, Chinedu Nebo yesterday said investments in Nigeria’s power sector have the potential to provide even greater returns than the oil sector, but lamented that poor funding has been responsible for poor power supply.
Nebo attributed current shortages in power supply to inadequate provisions in the 2012 budget for maintenance of power equipment, adding that the country did not anticipate the current slow pace in the privatisation process.
Nebo made these pronouncements while briefing State House reporters after the weekly federal executive council meeting, presided over by President Goodluck Jonathan.
He painted a lucrative picture for the sector and called on investors to take advantage of the ongoing privatisation process and government energy mix policy, to invest in the sector which he said holds great prospects for lucrative returns.
He disclosed that the country’s current efforts can only take care of about 40million people, leaving a vacuum of about 120million, which he described as a huge market waiting to be exploited by serious investors.