Many Nigerians optimistically think that one day, the nation will attract enough foreign direct investment (FDI) to enable it thoroughly refurbish, upgrade or expand the generation, transmission and distribution capacities of the [now] privatised Nigerian Electric Power Sector (NEPS) in order to provide customers with “constant electricity” supplies. Please think again! Foreign investors are not coming into Nigeria with $20 billion (at least) to revamp electricity in the country. Nigeria is in no shape to attract foreign investment and it is unlikely it would have if things were going well. Does Grand Minister, Babs Fashola, disagree? The attraction of FDI is solely based on the assurance that if invested it will yield ‘good secure’ profits for the investors. What other incentives are there for foreign investors to invest in Nigeria? Continue reading
When last week Grand Minister, Babs Fashola (SAN), claimed his now famous incapacity to revamp the Nigerian electric power sector was partly due to the inadequacies of Nigeria’s population census agency, he knew he was lying. Another grand act of blamocracy engendered by the Buhari administration. Nigeria’s electric power problems are primarily that of money (investment) and transparency (incorruptibility); it has nothing whatsoever to do with population census. Fashola did not even have to lie about Nigeria’s electricity development backwardness even though he lied about giving Nigerians an ‘electricity miracle’ in just 18 months if President Muhammadu Buhari won the 2015 general elections. Any fiens?
Anytime you hear that a new great ‘developmental project’ is being planned and undertaken by the Government of Nigeria (GON), it is important to identify who the short, medium and long term beneficiaries and losers created will be. Consultants, contractors, traditional land-owners, traditional rulers, government officials, board members and special interests groups are the short, medium and long term beneficiaries with a mix of obscene upfront fees, atrociously inflated contracts, preferential job offerings, generous concessionaire privileges under privatisation and convenient abandonment clauses. The 150 million ‘everyday Nigerians’ who the GON take out odious “development debts” on their behalf without asking them (by default) become the permanent losers but projected as winners by GON. This ‘development’ winners / losers dichotomy has now been moved to nuclear power, oil is failing.
When President Muhammadu Buhari won the 2015 general elections, he did so largely with the support of neutral and anti-PDP (Peoples Democratic Party) commentators. Everything bad in Buhari’s life history was to be forgotten and everything good was in ascendance. From another perspective, it was very difficult for practitioners of competent thinking to justify the pervasive profligacy behemoth of PDP while in power. The ministerial appointments Babs Fashola, Timi Amaechi and other ‘gubernatocrats’ that took more than half a year to make that was the start of the negation of support for President Buhari. Many thinking men deserted except the likes of Wole Soyinka turned their backs on and pens against Buhari. But many political miracles were promised by the Buhari government. Where are they? Continue reading
The Senate probe into the management or mismanagement of the Nigerian Electric Power Sector (NEPS) is a long awaited and welcome undertaking. However, it is an undertaking that will trigger and sustain a lot of skepticism about its potential success in the minds of innumerable observers of various persuasions, both foreign and local. What will come of it?