Introduction
With a population of approximately 186 million as at
20161, Nigeria has an installed capacity of 12,500
MW2 and a meagre available generating capacity hovering
around 7,000MW.3 Yet, the Federal Government of Nigeria
("FGN") has set a target to achieve a
whooping 20GW of available electricity capacity by the end of the
year 2020. A crystal ball is not required to foresee the high
possibility of the FGN's inadvertent failure to meet this
target where the Nigerian Electricity Supply Industry
("NESI") fails to attract the required
investment across the entire value chain. Unfortunately, the NESI
with its acute challenges such as lack of cost reflective tariffs,
huge amount of aggregate technical commercial and collection
("ATC&C") losses, gas supply and
infrastructure constraints, under-developed transmission
infrastructure, credit worthiness of the major players in the NESI
and general value chain misalignment, is currently unappealing to
investors. The
