Power sector privatisation has failed – Saraki

Senate President Bukola Saraki says the privatisation of the power sector has failed .
Saraki said this on Tuesday in his message at the opening session of the Senate , while also decrying the policy inconsistencies that have continued to challenge the business environment .
He said , “ Before we left for the break , myself , a select few of us and stakeholders in the power sector met to get an understanding of why no progress has been made thus far despite the best intention ; and the revelations were mind - boggling .
“ There had been errors in the privatisation process and the model by which the power sector is being operated — whether at generation or distribution —will never take us where we need to be . It has failed and nobody appears willing to tackle the issue head - on towards a permanent resolution.
“ I have mandated the Senate Committee on Power to continue the consultation with the relevant parties to forge a path to solving our crippling power deficit . After all, if we are going to drive Nigerian industry , we need to resolve this and fast . ”
Saraki said for a private sector - led economy to thrive , there was the need to reform the policy environment to give investors and businessmen and women ample adjustment time to make informed investment decisions rather than have uncertainties .
He noted that this was especially important in the agriculture and solid mineral sectors , where there were significant economies of scale and opportunities for diversification of our economy .
Describing the petroleum industry as critical to the health of the nation ’ s economy , Saraki said the Senate wanted the executive to take positive steps to begin a “ meaningful dialogue ” with those aggrieved in the Niger Delta .
“ The proposed engagement , we suggest must be sincere , constructive, open and confidence building . This Senate is willing to assist and play whatever role necessary to facilitate a successful agreement that would help us see to the end if the lingering conflict , ” he said .
He thanked President Muhammadu Buhari for showing faith with the work of the National Assembly by signing 16 of the bills passed by the legislature into law .