RETHINKING STAKEHOLDERS’ ENGAGEMENT IN POWER SECTOR RULE MAKING PROCESSES IN NIGERIA:EXAMINING THE INTERNATIONAL BEST PRACTICES

Abstract

The optimum performance of the energy sector of a country is pivotal to her economic development and attraction of Foreign  Direct  Investments  (FDIs)  to  the  country.  It  is  a  major  factor  to  returning  high  yields  on  investments, growing  the  Gross  Domestic  Products  (GDP)  especially  in  any  developing  country  or  emerging  economy  and setting  the  country  on  the  path  of  economic  prosperity.  Thus  for  further  advancement  of  the  energy  sector  of  a country,  energy  laws  and  regulations  have  to  be  made  with  adequate  consultations  that  inputs  the  views  of  the sector’s essential stakeholders. This is necessary for efficient functioning of the sector. The objective of this paper is to interrogate existing energy stake holder’s engagement as practiced by Nigerian power sectorregulator. Again it is aimed at espousing effective stakeholder’s engagement as practiced in America and as prescribed by OECD and ICSABP models, thus provoking a new thinking necessary for a paradigm shift in energy stakeholder’s engagement in Nigeria. In the end this paper seeks to achieve a new and inclusive energy rule making regimes in Nigeria, which promotes regulatory compliance especially within the Nigeria power sector regulatory environment