- Category: Latest
- Published on Tuesday, 28 August 2012 20:05
- Written by Elombah.com
BREAKING NEWS! Minister of power, Barth Nnaji, has resigned from President Goodluck Jonathan's Cabinet. No reason was given for the sudden announcement but the presidency has accepted his resignation. A press statement from the presidency read that the President Goodluck Ebele Jonathan has accepted the resignation with immediate
effect of the Minister of Power, Prof. Barth Nnaji.
President Jonathan thanks Prof. Nnaji for his services to the nation under the present administration and wishes him well in his future endeavours.
It is highly unusual for Nigerian politicians to resign over conflicts of interest in a country that still ranks low on the Transparency International corruption perceptions index.
Nigeria plans to sell off 11 distribution and six generation companies as part of plans to privatise a power sector rife with inefficiency and corruption.
Economists and investors say a lack of power is one of the biggest brakes on growth in Africa's second biggest economy. Chronic power shortages are also a major headache for Nigerians.
Preferred bidders for the 17 successor companies are due to be announced on October 23, the Bureau of Public Enterprises (BPE) has said.
The privatisation agency has said Nigeria's economy could be growing at over 10 percent, compared with around 6.5 percent now, if it solved its power crisis, but it would need $15-$20 billion of investment in the next three years.
Nigeria holds the world's seventh largest natural gas reserves but decades of governments have chosen to cash in on crude oil sales rather than investing for domestic power needs.
On Nnaji's resignation, an Abuja resident lamented: "It appears PHCN staff and generator importers have won again!"