The 2014 edition of the Lagos Economic Summit, popularly known as Ehingbeti, has been eventful.
Speakers at the bi-annual event shed more light on industrial challenges in Nigeria. For instance, in the power sector, Funke Osibodu, chief executive officer, Benin Distribution Company, BEDC, alleges that Politicians confuse their electorates on the difference between infrastructure like transformer and power generation.
She says: “People do not realise that transformer is not power. Politicians make people believe than once they get transformer, they will have power. But transformer only facilitates the power that is generated. As long as you can’t generate, nothing to distribute, and there is nothing any transformer will do.” To correct this, she advised political leaders to exercise political will in their campaigns.
The BEDC boss urged Nigerians to be patient in order to enjoy the benefits of privatising the sector. She added that there is need for electricity consumers to understand what the exercise entails before concluding that the process has failed.
According to her, most people expected regular power supply a week after the distribution companies were handed over to new owners. “We understand that our consumers are frustrated and in dire need of a change but they also need to support the government and understand that Nigeria needs 150,000MW to have light for 24 hour everyday while the country’s supply fluctuates between 2,400 and 2,500MW,” she revealed.