Full Implementation Of Order 5 Will Transform Power Sector – Fashola

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, yesterday said the full implementation of the Presidential Executive Order 5, in the Nigerian Electricity Supply Industry (NESI) would bring long – term growth and stability to the power sector and the nation’s economy.

Speaking at the ongoing stakeholders’ workshop organised by Nigerian Electricity Regulatory Commission (NERC) in Abuja, the minister stated that the industry was heavily dependent on imported human resources, material, equipment and services.

He stated that the industry was consequently vulnerable to foreign exchange availability and rates, stressing that it has gotten to the extent that contracts for gas and generation were denominated in foreign currency.

Fashola, who was represented by the director of procurements, Engr. Ahmed Abdul, said the time has come to systematically develop Nigerian capacity and content in the industry for its long – term growth and stability.

Speaking of how the implementation of the Presidential Executive Order 5 signed by President Muhammadu Buhari in February 2018, would impact the sector positively, he said, “Diligent compliance with these provisions will create jobs, develop Nigeria’s scientific and engineering capacities, and stimulate innovation, social and economic development.”

In his welcome address the NERC chairman, Prof. James Momoh, stated that the workshop was put together to stimulate industry stakeholders on the need to harness the potentials posed by the implementation of the local content in the sector.

He stated that the need for the implementation of the National Content Regulation in the Power Sector was hinged on federal government’s push to engender Nigerian content in contracts, services, engineering and technology.

According to Momoh, NERC as the industry regulator was aware of the enormous opportunities the implementation of the local content in the sector would have on the economy. He therefore charge stakeholders to take advantage of the initiative to improve on their capacity to deliver products of international standards.