Economic Reform and The Development of Nigeria’s Power Sector, 2015-2020 (Published)
Nigeria’s successive governments have tried a variety of policy alternatives throughout the years to enhance the country’s power industry, but they have all failed due to substantial energy losses (both technical and non-technical), a lack of knowledge, and high operating costs. The present government found it difficult, if not impossible, to implement any meaningful changes in the power industry given this tendency. Consequently, the private sector must be involved in the growth of Nigeria’s electricity sector. In essence, the study looks at how Nigeria’s electricity sector would develop between 2015 and 2020 in the wake of economic reform. In order to arrive at the solution to the problem, the study relied on secondary sources of data collecting in addition to qualitative data analysis and documentary methods of data acquisition. The study found that the lack of competition among power distribution businesses was the cause of Nigeria’s ongoing poor access to power, using the crony capitalism theory as our analytical framework. Above all, the report advises the Nigerian Energy Regulatory Commission (NERC) to enforce its authority as a regulator by enforcing appropriate fines and consequences against individuals who transgress the laws, rules, and regulations governing the energy market.
Keywords: Development, Nigeria, Power Sector, economic reform
The Transparency Issues Associated with China’s Sovereign Wealth Fund (Published)
Sovereign wealth funds (SWF), though a relatively recent financial vehicle has had a profound impact in the world’s political and financial arenas. SWF’s have the potential to provide a much needed source of capital for a nation or enterprise which could foster and spur economic growth as well as international trade. In the long-run, such international collaborations and investments could pave the way for a more peaceful globalization of the world. However, such governmental intrusions could also lead to unwanted foreign governmental control and possible loss of trade secrets and other sensitive national security interests. Perhaps an even greater issue is the possible political implications that could arise when it comes to SWFs. For example, certain SWFs could choose to invest capital with political allies thereby indirectly punishing their political foes. However, at the central issue with any SWF, is the issue of transparency. SWFs have been notorious for being shrouded in secrecy, from the way a fund is managed to how they choose to invest. With China, this issue is highlighted even more given the political climate coupled with its history and customs regarding foreigners. This paper will take an in-depth look into China’s largest SWF, the China Investment Corporation and compare it to SWFs of other nations and analyze as to what possible solutions China can take to make its SWF more transparent in the eyes of the international community and whether given China’s historical past, current political climate and unique culture and traditions can allow such changes and reforms to be possible. After all, what works for the western world may not necessarily work for China. Finally, this paper will examine certain reforms China’s SWF can make and what collateral benefits such changes could potentially bring.
Keywords: China Investment Corporation, Santiago principles, Sovereign wealth fund, Transparency, economic reform