IMPACT OF PRIVATIZATION OF ELECTRICITY POWER SUPPLY ON ECONOMIC SECURITY IN NIGERIA

Abstract

This paper examines the impact of the privatisation of electricity power supply on economic security in Nigeria. The situations of availability and reliability of electricity supply in Nigeria were studied. The data used were mainly from the secondary sources, relying on the previous works of authors in the related topic, and the data were quantitatively analysed using content analysis. The new public management theory was used to explain the study. Most of the authors whose works were reviewed believed that the privatisation of the electricity sector has not yielded the expected results, as insufficient and unreliable electricity supply persists. Some of the challenges included insufficient funds to purchase new infrastructure and maintain the old ones. They concluded that Nigeria needed improvement in its electricity supply by improving and reviewing the Privatisation Act 2005. The paper recommended that more funds be made available for the generation, transmission and distribution of electricity. It also recommended the provision of adequate security for the electricity infrastructure to prevent vandalism and achieve a stable electricity supply for economic security in Nigeria.