FG won't revoke power sector privatisation – Fashola

The Minister of Power, Works and Housing, Mr Babatunde Fashola yesterday said the Federal Government would not revoke the privatisation of the power sector done three years ago.

Fashola who spoke at the 5th European Union (EU)-Nigeria Business Forum in Lagos said: 'The Federal Government will respect and uphold the contract it has been committed to and inherited from the past administration. I am not in charge of power sector to revoke the privatisation agreement signed three years ago.'

Fashola was reacting to recent calls especially from business mogul, Alhaji Aliko Dangote to reverse the privatisation for better performance. He maintained that government has no gain if its sends the investors away.

'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,' he explained.

The minister hinted that revoking the held private equity would send wrong signals to other investors and that could affect the flow of Foreign Direct Investments (FDI).

He urged the EU-business delegates to invest in the power sector, saying that no economy would grow without investment in infrastructure.

Meanwhile the Lagos state Governor, Akinwunmi Ambode in a report by the News Agency of Nigeria (NAN) assured that the state is committed to providing critical infrastructures to support businesses.

Ambode who was represented by the Secretary to the State Government, Mr Tunji Bello, said SMEs have huge potential for jobs creation and improved productivity