Ex-minister blames flawed privatisation, N7trn bank exposure for Nigeria’s power crisis

Former Minister of Power and Chairman of Geometric Power Group, Prof. Barth Nnaji, has blamed Nigeria’s persistent electricity crisis on flaws in the privatisation of the power sector, alleging that investors who acquired electricity assets were driven largely by expectations of quick profits without adequate technical expertise, financial capacity or appreciation of the long-term investment required to deliver reliable power.
 

 
Nnaji warned that the manner in which the privatisation was conducted also exposed Nigerian banks to enormous financial risks, with outstanding power sector loans reportedly exceeding N7 trillion, a situation he said could have threatened the stability ...