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World Bank backs power sector reform

24 June 2014, 13:27

 Lagos - The World Bank is backing the federal government’s power sector reform, to ensure it induces the much needed improvement in the nation’s economic and social well being of Nigerians.

The bank’s outgoing Senior Energy Specialist, Erik Fernstrom who spoke at a send forth dinner for him and Sharon Pauling, Country Director of the United States Agency for International Development (USAID) in Abuja, commended the government for the successful unbundling of the former Power Holding Company of Nigeria (PHCN) into the transmission, generation and distribution companies.

Fernstrom noted that the success of the transaction has ended the doubts that the exercise was ambitious and an uphill task.

Fernstrom said though it was the largest form of privatisation in the world, Nigeria’s story is a success and indeed laudable, urged Nigerians to be patient for the full manifestation of the dividends of the exercise.

He applauded Nigeria for keeping faith with the privatisation process, noting “this ambitious programme, as it is called has proven to the World that Nigeria is serious and I wish that more sectors can be like the power sector in terms of magnitude”.

He noted the commitment of both the federal government and private sector operators, promising to closely watch Nigeria, as a friend, even from far away Washington DC, U.S.

Leader of the Energy Working Group in Nigeria, Patrick Kormawa who is also the Country Representative of the United Nations Industrial Development Organisation (UNIDO) in Nigeria commended both Sharon and Erik for their contributions to the success of the group in Nigeria.

He said working together as a group magnified their collective contributions to the energy sector in Nigeria.

-      NAN

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