Sustaining the Nigerian Electricity Sub-Sector: Challenges and Prospects

Abstract

Within the entire arsenal of the energy sub-sector, electricity and petroleum are the most crucial to the development of the Nigerian economy. The absence of stable electricity is inimical to economic growth and development in Nigeria. It raises the cost of doing business, scaring potential investors away. Electricity touches just about every aspect of the life of cities and towns in present-day Nigeria. It is needed in hospitals, schools, research institutes, offices, industries and homes. As boarders open up freer flow of goods and factor inputs, there is a need to pay adequate attention to the sustenance of the electricity sub-sectors so that Nigeria can reap the benefits that comes from globalization and trade liberalization. More so, as Nigeria moves towards the achievement of the Millennium Development Goals through the National Economic Empowerment and Development strategy, the need for the availability and affordability of electricity in Nigeria can not be overemphasized.