PRIVATISATION OF THE POWER SECTOR IN NIGERIA: ISSUES AND POTENTIALS OF DEVELOPING RENEWABLE AND EFFICIENT ENERGY SOURCES

Abstract

The research examined the privatisation of the power sector in Nigeria and issues relating to the development of environmentally friendly and renewable energy sources in Nigeria. The power sector is very crucial in the industrial development of a country and the attraction of the much desired goal of industrial development and the attraction of foreign direct investments. Reforms are needed in the power sector in Nigeria for sustainable, renewable, cost effective and environmentally friendly energy sources. While the world has moved towards renewable energy sources, Nigeria is still wobbling in the sector. The doctrinal approach was adopted in this research and references were made to text books, statues and other relevant materials on the subject matter. Constitution of the Federal Republic of Nigeria 1999, Electricity Act 2023 the Privitasation and Commercialisation Act 1999 and the regulations and policies on renewable energy were analysed. Some international treaty like the Kyoto Protocol 1997, United Nations Convention on Climate Change 1992 and Paris Agreement on Climate Change 2015 amongst others were examined. It was found that the existing policies and regulations on renewable were not in tandem with other jurisdictions like the USA, China, South Africa and Brazil, due to issues ranging from regulatory, financial, technological and lack of political will to develop the sector in Nigeria. It is recommended that Nigeria should implement the Electricity Act, 2023 and formulate regulations policies aimed at developing alternative energy sources like wind, air, biomass and solar energy as alternatives to the existing conventional, perishable, un-renewable and environmentally unsustainable energy sources.