FG won’t revoke power sector privatisation – Fashola

The Federal Government says it will not revoke the privatisation of the power sector.

Minister for Power, Works and Housing Babatunde Fashola (SAN) stated this on Thursday while speaking at the Fifth European Union (EU)-Nigeria Business Forum at Eko Hotel, Victoria Island, Lagos.

The two-day event with the theme: “Harnessing Nigeria’s Potential for Economic Growth”, was attended by local and international power investors and industry players.

Fashola said investors needed to be assured that the government will not flip-flop on agreements.

He said, “I have heard discussions about revisiting the privatisation of power. Honestly, I don’t know what it means. I like those who are pushing the argument to come out and have discussion with us.

“If revisiting the agreement means cancelling it, I won’t support. The investors who took the risk must have the assurance that government will not flip-flop.

“A contract that fails has consequences not only for the investors, but on both sides. I don’t believe in revoking contracts. Like politicians meet at nights, investors also meet themselves and talk every day. Once they see the government cancels contract signed with one of them, they will call on others to pack their bags and leave.

“This government will respect and uphold the contracts it has committed to and inherited. If there are issues with the contracts, the umpire is the judiciary.”

Fashola also emphasised the need for improved investment in infrastructure, noting that quality infrastructure is a globally-tested parameter to drive growth.

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