President of the African Development Bank (AfDB) Dr Akinwunmi Adesina has said that Nigeria needs to evolve a more effective tariff structure in order to achieve steady electricity supply.
Speaking with State House correspondents after meeting behind closed doors with President Muhammadu Buhari at the Presidential Villa in Abuja Adesina said power was one of the critical infrastructure needed in Africa’s largest economy-Nigeria to be able to industrialize.
According to him, “there is no doubt that Nigeria continues to work a lot of Electricity, without Electricity you can’t do anything, industries can’t develop without power.
“There are three components, one I think we need to get the tariff structure because if you don’t have good cost-reflective tariff structure, investments from private sector become very difficult in the energy sector.
“The second is liquidity constraints in the power sector gets addressed. “
Adesina disclosed that the AfDB has so far invested about 400 million dollars in the Transmission Company of Nigeria (TCN) to help the country improve on electricity generation and distribution