Energy, Growth and Economic Development: A Case Study of the Nigerian Electricity Sector
It is apparent that the poor performance of the electricity power sector in Nigeria since inception has been a significant obstacle preventing private investment, the overall development and economic growth in the country. The market structure prevalent in the sector like other sectors in most economies of the developing world is dominated by the state-owned Power Holding Company of Nigeria (PHCN), which is a monopolistic, vertically integrated business model. With the government’s recent commencement of the review of its Power Sector Roadmap, this paper seeks to examine the reform process in the country’s electricity power sector with the view of attaining sustainable growth and development of the economy. The method of analysis used in this study is the descriptive and statistical technique of analysis. It is expected that the reform process as would be postulated by this paper if adopted, should bring about the desired growth and developmental benefits to the Nation via: job creation in the sector and other sectors arising by rechannelling of funds into those sectors from the power sector, reduction in electricity tariffs, improve service standard as well as increase export earnings, etc
Economic Growth, Economic Development, Electricity, Energy, Reform, Nigeria
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