Pricewaterhouse Coopers, a multinational professional services firm headquartered in London,has expressed its readiness to partner companies on the power sector privatisation.

A report obtained by the organisation on Thursday said the entire process was full of challenges, adding that a firm political will and complete active support by the government at the highest level was critical for the success of the privatisation process.

The Leader, Industries and Strategy, PwC, Mr. Uyi Akpata, said the firm was ready to partner firms in the privatisation process, noting that PwC was involved in the privatisation process in India throughout the value chain rendering advisory and other services tailored at ensuring that the process was successful.

He added, “Power reform in Nigeria is taking a similar shape to the 2003 reforms in India, the sixth largest power producer in the world. Reform in India took place against a backward of corruption, a poorly regulated power industry, decaying infrastructure, low political support and uneducated populace.

“The Federal Government targets 40, 000 megawatts by 2020- about ten times current power output. It is estimated that investment of $3.5bn per annum for the next ten years will be required in power generating capacity alone. It is yet to be seen if this is achievable.”

Akpata noted that the current gap in the power sector had far reaching implications for improving the business climate and for sustaining economic growth and the social well-being of Nigerians.

“Political support is critical for successful completion of the privatisation transaction,” he added.

Source: Punch (written by Ademola Alawiye)