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THE IMPACT OF PRIVATIZATION OF POWER SECTOR IN NIGERIA: A POLITICAL ECONOMY APPROACH
Abstract
This paper discuses the impact of privatization of Power sector in Nigeria. Using the political economy approach, it argues that the privatization of the Power sector in Nigeria is based on capitalist values, ideology, orientation and assumption. The assumption of free market presupposes that the market operates in a competitive environment. This is not however true in the real life situation as power sector privatization in Nigeria has only succeeded in entrusting the collective wealth of the people in the hands of few elites ,retrenchment of workers, high electricity bills without commensurate services among other negative impacts. It therefore recommends that there is need for a level playing field for more competent investors to come into the industry .Also, the regulatory body need to check the excesses of the new Distribution companies by regulating tariffs and quality services. This will go a long way in improving the situation.
Keywords: Power sector, Power sector Reform, Privatization, Public enterprises, PHCN.