The Political Economy of Nigeria’s Power Sector Reforms: Challenges and Prospects, 2005-2015

The availability of power is an inexorable catalyst to boost levels of industrial activity for economic development. Nigeria’s electricity supply is dismal owing to institutional, legal, regulatory and capital problems. With a large population, the abysmal generation of less than 4,500 megawatts of electricity hardly suffices for energy requirements. Government’s capital-intensive holistic reform of the sector for reliable service delivery with huge production target has been inadequate. The paper unveils the challenges and prospects of the reforms and its strategic implications for Nigeria’s socio-economic development. It identifies blatant corruption, lack of political will and international best practices as hampering success. It recommends that effective and efficient management of power supply will increase industrialisation, private and public participation, job creation, high productivity and redirection of youthful energies into productive forces to bring about national development. DOI: 10.5901/mjss.2016.v7n4p44