Federal government has been commended for the successful unbundling of the former Power Holding Company of Nigeria (PHCN) and its on-going liberalization and privatization process.
Outgoing country director of World Bank, Erik Fernstrom, who handed down this commendation, added that the success of the transaction had put an end to the doubts of many who felt that the exercise was an ambitious and uphill task.
He made this known at a dinner held for him and Sharon Pauling, country director of the United States Agency for International Development (USAID) in Abuja at the weekend.
He said though, it was the largest form of privatization in the world, Nigeria’s story was a success and indeed laudable.
He therefore, appealed to Nigerians to be patient for the full manifestation of the dividends of the exercise.
“This ambitious programme as it is called has proven to the World that Nigeria is serious and I wish that more sectors can be like the power sector in terms of magnitude,” he said.
Leader of the energy working group in Nigeria, Patrick Kormawa, who is also the country representative of UNIDO in Nigeria, commended both Sharon and Erik for their contributions to the success of the group in Nigeria.
He said working together as a group magnified their collective contributions to the energy sector in Nigeria. Sharon in her response said USAID has been very active in both the power and water resources sectors.
She also remarked that Nigeria has a story to tell and that she would continue to sell Nigeria to investors in Tanzania and beyond.
She is leaving Nigeria to resume at her new duty post in Tanzania after a 4-year successful tenure in Nigeria, while Erik of the World Bank moves to Washington.