Dangote
Africa’s richest man has suggested that the Nigerian government reverse the privatization of the country’s power sector.
Speaking at an executive course in Plateau state, he said the privatization was done wrongly.
“What government did was to privatise but the privatisation was done wrongly. People who wanted to buy all these plants, both the generating and distribution companies, thought that this was another opportunity like mobile phones, where we have moved from 500,000 lines in 2000 and in ten years we now have 120million lines.
“Yes it would have been so but these guys, what they did when they bought these power plants was that they borrowed 90% of the money in foreign currency. You cannot go and borrow dollars when your base income is in naira, you will have an issue because your earnings are in naira you are taking a huge exchange risk and that is what happened today.
