Many of Nigeria’s 174 million people don’t have electricity and those who do endure power outages 320 days of the year, WallStreetJournal reports.

Now West Africa’s biggest oil producer wants local businessmen to solve problems in another part of the energy matrix — electrical power.

Can privatization solve Nigeria’s chronic power shortage?

Half of Nigeria’s electricity is lost or stolen from old, inefficient power lines. Gas that drives turbines in the power stations is also often lost due to pipeline sabotage.

Similar problems have dogged the oil industry. Oil theft and corruption have hampered exports with billions of dollars of revenue unaccounted for. Oil-related conflict left the Niger Delta region deeply scarred.

Privatization of the state-owned power stations may be the answer. The government auctioned off six of its 12 dilapidated plants in November. Tony Elemelu, a Hilton hotelier, bought one. He plans to have it producing 3,000 megawatts of electricity by 2016. Right now it produces 160 megawatts.

Africa’s wealthiest billionaire, Aliko Dangote, plans to build an oil refinery.

More domestically produced fuel and more reliable power could solve some of Nigeria’s problems. Both may help level the playing field for the haves and have-nots, according to a WallStreetJournal blog.