iii) National Bureau of Statistics (NBS) Power Sector Reforms 4.1.3 The Power Sector reform which started in 2005 with the 2005 Electric Power Sector Reform Act (EPSRA) aims at increasing efficiency in power generation, transmission and distribution. Upon assumption of office, the present Administration launched a Road map for Power Sector Reform which aims at providing ways and means by which Nigeria intends to achieve generation of 40,000 Megawatts of electricity within one decade. 4.1.4 It is expected that by the end of the first quarter of 2012, the Federal Government must have completed transferring its equity in 17 out of the 18 PHCN successor companies to core investors, PHCN workers and relevant state governments. A critical step in this direction was the convening of Electric Power Transaction and Industry Conference on 28th and 29th November 2011 to review the progress so far made in the reform process. 4.1.5 The international community has shown enormous interest to invest in Nigeria’s power sector as over three hundred expressions of interests were received; out of these, 212 companies from 38 countries have been prequalified to bid for the successor companies. 4.1.6 The present Administration also paid 57 billion Naira monetized benefits which had been denied PHCN staff for seven years as well as set aside for PHCN workers, a percentage of the shares in the 17 PHCN successor companies scheduled for privatization. In spite of the nation’s current economic challenges, the Federal Government approved a 50% salary increase for PHCN staff, and the conversion of about 11,000 casual workers to regular staff. The ongoing reform in the power sector is expected to create employment and business opportunities as well as attract Foreign Direct Investment in the country. It will enable electricity workers earn competitive wages and generous conditions of service and attract the most modern state of the art technology in the sector. It will boost capacity building and revive the industrial sector as the nation’s factories will be supplied with regular power for production and domestic purposes. 52