Billionaire Femi Otedola reveals “problem of Nigeria since I was born”

Mr Femi Otedola, a billionaire and the Executive Chairman, Board of Directors, Geregu Power Plc, says there has not been improvement in Nigeria’s power sector since he was born.

Otedola disclosed this on Friday at the “Closing Gong ceremony” of the Nigerian Exchange Limited, NGX in Lagos.

He decried that the real problem facing Nigeria’s power sector is the transmission.

According to him, several generation plants built years ago by the government are still lying idle, stressing that it is unthinkable that Nigeria still struggles with 5,000 megawatts of generation capacity.

He urged stakeholders, including the federal government, to improve the transmission sector to boost the Nation’s power supply.

The businessman explained that another problem with Nigeria’s power sector is leadership, saying having the right hands at the helm of affairs would end the decades-old challenges.

However, he is optimistic that the problems of Nigeria’s power sector are surmountable.

“Aliko Dangote, an individual, has built 2000 megawatts of power for cement, fertilizer plants and a refinery. And the country where I was born has only 5000 megawatts.

“So it’s appalling and disheartening that all the successive governments have failed in this regard, but I believe we are now at the stage where the power sector will get much attention and priority.

“We have new plants still sitting idle that the government built years ago, and the real problem is transmission; there is a need to look in this direction,” he said.