Niger Delta Youth Congress (NDYC) has called for the decentralisation of the energy sector to allow other players to invest and grow the sector instead of monopolising the sector.
Addressing journalists, the National Coordinator of NDYC, Comrade Israel Uwejeyan said they believe that no individual or entity should be allowed to monopolize the energy sector.
He said the implications of such monopolization are far-reaching and detrimental to the economic stability, energy security, and overall well-being of our nation.
“Our energy sector is the lifeblood of Nigeria’s economy, and its equitable management is crucial to ensuring sustainable development and national security.
“Monopolistic control of the energy sector threatens to stifle competition, innovation, and efficiency. It places an enormous amount of power in the hands of a single entity, which can lead to price manipulation, supply constraints, and a lack of accountability.
“The very essence of a free market economy is undermined when monopolies are allowed to flourish, leading to adverse effects on consumers, businesses, and the broader economy”, he said.
The group said allowing a single entity to dominate the sector compromises the country’s ability to ensure a reliable and affordable energy supply for all Nigerians.
“In the event of any disruption or failure within a monopolized system, the repercussions would be catastrophic, affecting every facet of our society, from healthcare and education to industry and domestic life.
“Furthermore, monopolistic practices hinder the growth and development of local businesses and communities. The Niger Delta region, which has long been the backbone of Nigeria’s oil production, stands to suffer immensely if monopolization is allowed to proceed unchecked.
“Our local enterprises and youth must have the opportunity to participate actively in the energy sector, fostering innovation and economic growth that benefits all”, Uwejeyan said.
The NDYC however called on all stakeholders, including government authorities, regulatory bodies, and civil society organizations, to join them in advocating for a diversified and competitive energy sector.
“We urge the federal government to implement stringent regulations that prevent monopolistic practices and promote fair competition. This includes ensuring that the NNPCL continues to play a pivotal role in the energy landscape, representing the interests of the Nigerian people and safeguarding our energy future.
“NDYC reiterates its unwavering support for the NNPCL’s stance against monopolization in the energy sector. We stand firm in our belief that a competitive, transparent, and inclusive energy market is essential for the prosperity and security of Nigeria. Let us work together to ensure that no single entity holds undue power over our energy resources, and that the benefits of these resources are shared equitably among all Nigerians.
“To further drive home our demand for a level playing field in the energy sector, we are organizing a protest on Monday, July 28th, across the six states of the South-South region”, Uwejeyan added.
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