A leader of the All Progressives Congress, Osita Okechukwu, emphasized the need for President Bola Tinubu to consider recapitalizing and nationalizing the electricity sector in order to promote the economic growth and industrial development of the country.
Okechukwu, in an interview, expressed his view that the privatization of the electricity sector had led to negative consequences such as increased energy prices, job losses, and factory closures. He stressed that the best course of action to salvage the sector and the country's economy would be to recapitalize and restructure it.
Drawing parallels with the UK's post-World War II economic crisis, Okechukwu suggested that a significant investment of $30 billion could potentially generate 30,000 megawatts of electricity within a decade under public ownership. He referenced the UK's experience of strengthening their economy by nationalizing fundamental industries like electricity, which resulted in substantial electricity generation.
Okechukwu also pointed out the lack of transparency in the privatization process under the previous government and highlighted the need for credible professionals to spearhead the implementation of a national project to revamp the electricity sector.
In conclusion, Okechukwu proposed that a substantial investment in the electricity sector under public ownership could lead to economic revitalization and expansion of production capabilities in Nigeria.
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