“But in all developing economies, similar regulators have not had the independence that they should have and the reason has been political.
“Because when it comes to tariff, which is an issue in all developing economies, increase in tariff is what people resist vehemently and so NERC is not completely as independent as it is supposed to be. It has to pander to the people who appoint them. “That is why to regulate the sector effectively will be difficult because there is interference. For instance, the National Assembly just interfered and is based on the political consequence of their action.
“We as politicians look at the political consequence, they are looking at the economic consequence. And so if the polity is unstable, of course the economy will not operate as well. “So it is difficult to have an independent regulator in the power sector in a developing economy,” he said.
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