Last week, Nigerians were surprised to hear the above summary of our power supply challenges from the Honorable Minister of Power, Works and Housing, Babatunde Raji Fashola (SAN). It was shocking because it did not acknowledge the true situation which is that the Federal Government of Nigeria has 40% stake in  Disco, Genco and a 100% stake in TCN which is the major stumbling block in the power sector.

Read more: "It is not FG’s problem if Nigerians lack electricity” - A response

In many developing economies, political interference has undermined regulatory independence. Regulatory procedures are expected to be transparent, accountable and predictable. “Without adequate safeguards against the misuse of regulation, investment will be discouraged and prices higher than needed. ...Credible, stable regulation is required to achieve the benefits of privatising and liberalising infrastructure”, according to Iannis N. Kessides, in the book Reforming Infrastructure: Privatisation, Regulation and Competition. In other words, a political regulator is a risk to the customers and investors and, ultimately, increases the country’s regulatory risk.

Read more: Is the Nigerian Electricity Regulatory Commission becoming a partisan regulator?

Until we begin to answer some of these questions Nigeria as a country will remain mired in poverty and perpetual state of underdevelopment. The questions are many but let us take just three for now. How do we evaluate candidates for elective positions in Nigeria? What is the role of data in the affairs of Nigeria? Who is a Nigerian? So let us look at how these questions expose the hollowness of our perceived greatness or even the potential thereof.

Read more: Maybe Nigerians are mad!

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