A chieftain of the All Progressives Congress (APC), Osita Okechukwu, on Sunday called on President Bola Tinubu, to recapitalise and nationalise the electricity sector to boost Nigeria’s economic growth and industrial development.
In an interview, Okechukwu described the privatisation of the electricity sector as a “disaster,” which he said has led to increased energy prices, job losses, and factory closures.
He argued that the only viable option to save the sector and the country’s economy is to recapitalise and restructure it.
“Mr. President, we are in an economic crisis like the UK after the Second World War.
It took the Labour Party to strengthen their economy and nationalise fundamental industries like electricity, and their electricity sector generated 30,000 megawatts in less than 20 years,” Okechukwu stated.
He urged President Tinubu to learn from history and adopt a similar approach. “Why can’t we recapitalise with $30 billion to generate 30,000 megawatts in less than 10 years under public ownership?
Margaret Thatcher came in the 1980s and privatised, and the cry for public ownership is back in the UK as neoliberal policies most times fuel poverty and throw thousands out of jobs.”
Okechukwu, the former Director-General of the Voice of Nigeria, noted that the privatisation process initiated by the previous Peoples Democratic Party-led Federal Government was flawed.
“When we warned then that the PDP-led Federal Government was less transparent in the privatisation process, where neither Foreign Direct Investment flowed in nor did foreign investors participate in the exercise, nobody listened.”
He further criticised the current state of the electricity sector, stating, “Are we not ashamed that after expending $16 billion on NIPP, and uncountable billions of dollars afterward, 200 million people ration less than 4,000 megawatts of electricity?”
Okechukwu dismissed claims of improvements in electricity supply as illusory, saying, “What happened was akin to April Fool.”
He called for a bold approach, suggesting that Nigeria should borrow $30 billion to generate 30,000 megawatts under public ownership within a decade.
“Mr. President, please let’s muster the socioeconomic will and borrow $30 billion to generate 30,000 megawatts under public ownership in less than 10 years.”
Okechukwu emphasized that such a loan would be self-sustaining if managed by credible professionals.
“It is my considered view that the loan will pay itself if Mr. President nominates credible professionals with proven capacity in delivery and transparency to not only implement this grand national project but to carry out thorough studies to establish the investment requirements which holistically will fix the electricity chain.”
He concluded by stating that this approach would significantly enhance Nigeria’s economic prospects.
“This is the solution provider that will expand the frontiers of the production spirit of Nigerians, hence economic resorgimento,” he advised.
