There are different views by different scholars on the concept of underdevelopment. Rodney (1972) wrote that underdevelopment is not absence of development. This is because every people have developed in one way or another and to greater or lesser extent underdevelopment therefore makes sense only as a means of comparing levels of development. It is very much tied to the fact that human, social and economic development has been uneven, and from a strict economic sense of the word, a section of human race have advanced further in terms of technology, manpower and wealth for more than others. This is the direct result of undevelopment.
To this researcher, the main pro-occupation here is with the differences in wealth between Europe and North America on one hand as well as Asia, Latin America and Africa on the other. Comparatively, the second category can be said to be witnessing misery, dwindling basic social infrastructures, corruption, thuggery, insecurity of lives and property among other social vices. All these appears to impediments to development. Another critical aspect of underdevelopment can also be expressed in terms of a particular relationship of exploitation between, for example, the capitalist west and the poor nations of Africa, Asia and Latin America. According to Offing (1980). African and Asian societies were developing independently until they were taken over directly or indirectly by the capitalist powers of Europe. The tradition of this level of exploitation and inequality was further transferred into the very fabric of African comprador bourgeoisie class. This eventually has been part of us and hence, there is trickle-down effect on the entire socio-economic process. Thus, the Nigerian privatization policy is hinged on colonial mentality that is more or less unacceptable to the people. Privatization policy at whatever level of analysis in Nigeria is a thing of the few Nigerian elite at the helm of affairs of governance. The power sector and its reform strategies have been grossly high-jacked by the powers that be and the loot unconventionally shared among family and friends, government acolytes and ‘good boys’ running around for the incumbent. At the same time designated power sites have been literally abandoned to their own fate while billions of naira are being lost without anybody accounting for it. Nigeria however, seem to be relying on the power-probe panel headed by senator Elumelu as a way out of this sorry state of the Nigerian power sector in recent times.