The Petroleum Industry Bill (PIB) signed by President Muhammadu Buhari has raised lots of concern about improving electricity access in Nigeria.
Questions around gas availability for electricity generation companies and the PIB’s success towards the country’s economic development are being raised. Recall that one of the challenges crippling electricity generation in the country is around the supply of gas.
Quite recently, the minister of state for power, Goddy Jeddy Agba, at the 2021 Nigeria Energy Forum (NEF), stated that about 90 million Nigerians lack access to electricity and near 2.9 billion lack access to clean cooking solutions.
Nigeria still ranks among the top countries with electric power deficits despite the privatisation exercise and prospects of liberating the power sector in 2013. The primary objective of the privatisation exercise was to enhance power distribution in the country while attracting investors, but this is yet to be fulfiled as a vast majority decry poor power availability.
The reason for poor electricity access cuts across all units of the power sector. It could appear that the privatisation exercise was futile.
Given the sad remarks of the privatisation exercise, what is at stake for the PIB, which has just been signed? The PIB has been in the pipeline for over 20 years. Several administrations have attempted to pass an all-encompassing Petroleum Industry Bill but failed; the Buhari Administration has succeeded in passing this bill.
The PIB aims to sell shares in a reformed NNPC, become a commercially oriented and profit-driven national petroleum company independent of government and audited annually.
Will the PIB achieve its objectives and improve electricity access in the country, or would it take a similar path as the privatisation exercise?
Let’s hear your thoughts in the comment section.