- Accounting body willing to sign MOU with Power Ministry on power sector reforms
Institute of Chartered Accountants of Nigeria (ICAN) and the Nigeria Society of Engineers (NSE) have pledged support for Minister of Power, Chief Adebayo Adelabu in the effort to provide affordable, clean and uninterrupted energy supply in the country.
The pledges were made at the weekend at separate visits to the Minister. Speaking during the visit , President of ICAN, Mr Innocent Okwuosa, who also came to intimate the Minister about the upcoming 53rd Conference of ICAN starting today, noted 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generation and transmission far below national requirements, leading to frequent power outages and load- shedding and outdated transmission and distribution networks.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 said, require a comprehensive and sustained effort from both the public and private sectors, adding, “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”.
In his own remarks, President of the Nigerian Society of Engineers, Engineer Gidari-Wudil said that the Society will put all expertise and operational arsenal at its disposal to help the Ministry achieve its mandate.
Gidari-Wudil who spoke when he led a delegation of NSE which included the incoming President of the World Society of Engineers to the Ministry, enumerated recent development in the Society and expressed that the core mandate of NSE is to make meaningful contributions to the development and advancement of technology through collaboration and linkages.
Godari-Wudil said the council of NSE approved the formation of five international diaspora branches of the society in Houston, London, Manchester, Glasgow and the Eastern region of Saudi Arabia in the quest for expanding the views and vision of the society across international boundaries, with the view of harnessing vital international resources, knowledge sharing and transfer. “The incoming President of the World Society of Engineer is a top member of the Nigerian Society of Engineers”, he added.
Outlining some critical expectations of the organization, he said that Power is the bedrock of manufacturing and for Nigeria to survive as a country, there is need to support local manufacturers otherwise Nigeria will continue to be a consumer nation.
In separate responses, the Minister 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 rather than developing in silos. He noted 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". He 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".
While charging the NSE to throw its weight in the power sector in order to achieve its desired goal, the Minister said that one of the major challenges the country has in moving forward stems from the inability to synergize.
"Nigeria needs abundance of power supply and the challenge doesn't lie on any other institution other than the Nigerian Society of Engineers", Adelabu said .
He stated that factors like leadership, commitment, focus, passion, are instrumental to achieving the desired success in the power sector, while gaps in mobility, infrastructure, inability to build roads and proper railways despite funding from developmental partners remain challenging.
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".