Olaleye, who was an aide to the former Minister of Power, Prof Chinedu Nebo, in an interview with The Nation said the appointment of officials of the Commission and other agencies in the sector are crucial to the government, as it would impact on the sector positively.
He said Nigeria needs $1million to generate megawatts (Mw) of electricity, which means that the country would be spending $20billion to provide 20,000Mw of electricity.
According to him, the country was in a critical financial position and that it would need to raise funds through Foreign Direct Investments (FDIs) and signing of agreements with donor agencies in Europe and America to be able to provide 20,000Mw of power and further improve supply.
“There is no doubt that Nigeria is in a very critical situation financially and would need to partner donor agencies and foreign investors in order to finance key infrastructural projects in the petroleum and power sectors. Once this is done, activities would be galvanised in areas such as power generation, distribution and transmission,” he said.
He quoted the Minister of Finance, Mrs. Kemi Adeosun, as saying at the ongoing World Bank conference in Washington, United States, that the country needed money to finance its power sector and others that were germane to the growth of the economy.
