The importance of electricity to any nation cannot be underestimated. This is because of its impact in the overall economy. There is no doubt that all is not well with Nigeria electricity, hence, the need for the restructuring of its privatization process. Electricity in Nigeria prior to this time has been a public enterprise before it was privatized as a result of claims by stakeholders that government has no need to be involved in business ventures. Using quantitative research method with oral interview as the instrument for data collection, this paper examines the need for the restructuring of the earlier privatized electricity sector in the country. It argues that Electricity privatization was intended to promote efficiency in the power sector which will invariably bring about reduction in the price of electricity. Unfortunately, the distributing arm of the electricity was privatized to the detriment of the consumers who are now victims of exploitation by the elite class. This paper contends that there is an understanding that price should be fixed by the forces of demand and supply, and not by any regulatory authority as it is obtainable in other developed economies. It recommends the withdrawal of electricity privatization by government for sale to the various states where power plants are located, a legislation that will make the power sector (electricity) to be controlled by the various states, while the National Assembly should pass a law backing the clamor for resource control which will enable states to exploit available resources for development including the generation, transmission and distribution of electricity as this will put an end to the present exploitation by few elites involved in the power sector. The paper concludes that the implementation of these recommendations will enhance efficient delivery of electricity to Nigerians.
