The Nigeria Power Minister Chinedu Nebo said at a brief ceremony while handing over the Abuja (power) Distribution Company to its new owner that theNigeria PHCN has officially been scrapped and private firms are now to take over the assets and operation of the company . Nigeria with a population of over 200 million cannot not guarantee constant power supply for its citizens. This has effected lots of service and operations in the country. The privatisation is thus seen by many as the only way out .
Abuja (AFP) – Nigeria on Friday formally scrapped its inefficient and graft-ridden electricity firm and handed its assets to private investors in a bid expected to improve power supplies in Africa’s most populous nation. The investors who have become beneficiaries of the nation’s privatisation drive include Seoul-based Korea Electric Power Corporation as well as local investors. From PHCN, Nigeria has created 18 successor firms comprising 11 for electricity distribution, 6 for power generation and one for transmission.