The Institute of Chartered Accountants of Nigeria, ICAN, has pledged it’s support for the Power sector reform in an effort to provide affordable, clean and uninterrupted energy supply in the country.
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The President of ICAN, Mr Innocent Okwuosa, made the pledge when he paid a courtesy call to the Minister of Power Adebayo Adelabu in Abuja the nation’s capital.
Mr Okwuosa, while briefing the Minister on the 53rd Conference of ICAN noted that the myriad of challenges facing the power sector over the years which have hindered the ability to provide reliable and affordable electricity to citizens and businesses.
He described the challenges as multifaceted, ranging from low power generation and transmission far below national requirements, leading to frequent power outages and load- shedding and outdated transmission and distribution networks.
Okwuosa also cited low capital investment in the sector, shortage of power generating inputs, illegal connection, vandalism and theft of electricity infrastructure, non-payment of electricity bills by Ministries , Departments and Agencies (MDAs), among others.
He however said these problems are surmountable considering the antecedent and the track record of the new Minister.
Addressing these challenges, Okwuosa further said that the Ministry require a comprehensive and sustained effort from both the public and private sectors, adding, that “it is essential to create a conducive environment for investment and establish clear policies, with recognition and focus on the power sector as the driver of economic growth”.
The ICAN president who said the Institute was willing to sign an MOU with the Ministry, said ICAN has a working group, referred to as the ICAN Technical Committee on Power Sector, whose objective is to support government in achieving the objective of affordable and clean energy as well as efficiency in the operation of the power sector in the country.
“One of the ways chartered accountants can support the Ministry is through financial assessments of the financial viability of sustainable energy projects such as renewable energy investment or energy efficient technologies”, he said.
He also promised that the Institute could support the Ministry of Power through capacity building for members and other stakeholders within the value chain as well as provide intervention that will support the ministry through proper appraisal of low interest loans, grant facilities to entities within the energy sector”.
On his part, Nigeria’s Minister of Power, Adebayo Adelabu, described the theme of the ICAN conference, Nigeria: Imperatives for inclusive development, as apt and timely.
He advised on the need for comprehensive, national inclusive development for the country noting that a national inclusive development is one that would benefit all segments of the society, especially those who are marginalised or disadvantaged.
“It involves policies and initiatives aimed at reducing income inequality, providing equal access to opportunities and improving the overall well being of all citizens, regardless of their socioeconomic background, gender, ethnicity or other factors”.
The Minister said the above is what the country needs at this time. “A development that is multi-sectoral, multi-tribal, multi-class and multi-status”.
While addressing the NGE delegation, he described the Power Sector as the energy Nigeria needs for economic growth and Industrial development.
He emphasized the need to give the power sector appropriate focus and attention adding that there is no transformed economy throughout the world that did not put power as priority.
Adelabu stated that one of the major crises Nigeria experiences is not being able to produce what is consumed thereby being dependent on other parts of the world as a consuming economy.
“A large percentage of what we consume as a nation is imported and any country desirous of transformation should eschew such scenario”.
Speaking further, the Minister said that as part of Mr. President’s committed plan of changing the lives of Nigerians, implementation of the local content in government contracts has become imperative.
“As a protagonist of local content, there must be recognition of the local meter manufacturers in Nigeria to encourage development and sustainability”.
