By TOPE ADEBOBOYE
For decades, it has been a grinding tale of woes, with the nation, suffering untold adversity. Millions of small and medium scale enterprises have collapsed, and many were the companies that have packed up and relocated to other climes. Indeed, the abysmal state of the power sector had crippled Nigeria’s economy and contributed a great deal to the poverty, ravaging the country.
But right now, things seem to be looking up. Recently, the Federal Government took a step closer to achieving some stability in the power sector in the country with the signing of the transaction agreement to transfer ownership of the unbundled power generation and distribution entities in the Nigerian power sector to the private companies that acquired them.
And many are convinced that Nigerians might yet enjoy constant electricity supply before the end of the present administration. The event, the Presidential Power Reform Transaction Signing Summit, held at the banquet hall of the Presidential Villa, Abuja, attracted an impressive array of dignitaries, including President Goodluck Jonathan, Minister of Power, Professor Chinedu Nebo and the Chairman, Presidential Task Force on Power, Bekinbo Dagogo-Jack, an engineer, as well as the new owners of the companies that bought into the unbundled Power Holding Company of Nigeria (PHCN) and many other stakeholders in the power sector.
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