Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Senate to probe GenCos, DisCos as Nigerian companies relocate to Ghana over power supply 

Fakoyejo Olalekan by Fakoyejo Olalekan
November 21, 2019
in Business News, Politics
Stamp duty, Senate to probe PPPRA over non-remittance, blame systemic corruption for bad roads, Senate invites Bigi and Pepsi manufacturers, as stiff competition continues , Senate orders investigation of banks over withholding tax remittances
Share on FacebookShare on TwitterShare on Linkedin

Power generating and distribution companies will be probed by the Nigerian Senate over unstable power supply that has become the order of the day in the country. The Senate Committee on Power will investigate the activities of the electricity companies in a bid to address their failure which is forcing Nigerian companies to move to Ghana.

Members of the Senate said the generating companies were crippled by several factors that would be unravelled by the Committee on Power. The decision to probe the electricity supply in Nigeria was raised by the Senator representing Enugu North, Chukwuka Utazi.

The power sector in Nigeria was privatised in 2013 and the supply of the electricity was divided into several categories: six generation companies; 12 distribution companies covering all 36 Nigerian states, and a national power transmission company. This was done to improve electricity in the country, however, the situation has remained the same.

NERC, power, distribution, electricity, companies, Recapitalisation of Discos

Utazi said the erratic power supply is unfavourable to the development of Nigeria. He said Nigeria can set achievable target of 100,000 Megawatts in the next 10 years by a mixture of energy sources such as natural gas, hydro, coal, wind and renewable energy.

“The northern part of the country with vast expanse of land can tap into large solar farms while the southern parts of the country with significant reserves of natural gas and cola can generate power from same.”

He added that “Both the north and South have large water bodies that can still be dammed for hydro,” The Nation reported.

[READ MORE: GenCos to shut down over NBET’s administrative charge]

Senate outlines DisCos’ problems: Despite the fact that most components of the power sector has been privatised, Utazi said the Distribution Companies are not financially capable. According to him, the problem doesn’t lie only with generation and transmission because the Distribution Companies don’t have the technical capacity and capital needed to acquire the power required by GenCos to deliver to the grid.

The past governments were also faulted by Senator Oluremi Tinubu, who berated them for not embracing new ideas that could have improved electricity supply in Nigeria.

Are companies relocating to Ghana? The unstable power supply in Nigeria is forcing companies to move to Ghana, Senator Jibrin Barau said. He said the government should invite experts that would review the power sector in order to achieve the target.

“We need to bring experts together to look at the power sector as a whole in a bid to realising these targets. Our companies are now being moved to Ghana, this is because of power.

“The Committee on Power should get everybody together. Government cannot do it alone. Let’s bring everybody together so we can find a lasting solution to this problem,” Barau stressed.

Why this matters: Power is one of the major problems small, medium and large corporations face in Nigeria. It is a major constraint on ease of doing business in Nigeria with about $12 billion spent annually by businesses and individuals on generators.

Despite the privatisation, every business continues to provide electricity themselves mostly with petrol and diesel generators, and now renewable energy. Nairametrics had also reported that President Muhammadu Buhari’s office was expected to spend N46 million on fuelling generators this year (2019).

Related

Tags: Chukwuka UtaziDISCOSGENCOSSenator Oluremi Tinubu

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Eco Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • INEC explains conditions for substitution of vice presidential candidates by political parties
    • THIS WEEK: Bears grip Nigeria’s equities market as inflationary pressure bites harder
    • Electricity update: Power generation in Nigeria improves to 86,983MWh

    Follow us on social media:

    Recent News

    INEC to introduce election results viewing portal, INEC headquarters gutted by fire

    INEC explains conditions for substitution of vice presidential candidates by political parties

    June 25, 2022
    Weekly Stock Update: Nigerian local bourse’s ASI depreciates by 0.22% w-o-w

    THIS WEEK: Bears grip Nigeria’s equities market as inflationary pressure bites harder

    June 25, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com