Using Power Sector as Catalyst for Economic Devt in 2023 As the countdown to the transmission of power to the next administration in May this year continues, analysts say there is an opportunity for the outg
As the countdown to the transmission of power to the next administration in May this year continues, analysts say there is an opportunity for the outgoing government to write its name in gold by using the power sector as a launch pad for Nigeria’s economic transformation which it has always trumpeted, writesWith the full resumption of business and commercial activities in the country after the New Year break, conversations around the economy are being narrowed down to the revamping of the power...
Drumming support for a power sector reform, Yusuf said: “An enabling environment must be created to sustain current private sector investment in the sector and attract new private capital to the electricity sector. Urgent reforms are vital concerning electricity tariffs, metering and the deepening of the energy mix. We need robust incentives to boost private investment in renewable energy.”
The reality today is that Nigeria’s power industry is multidimensionally challenged, afflicted by under-investment, outdated infrastructure, debts and inefficiencies. Power shortages have crippled SMEs, stunted the growth of productive sectors and made the cost of local products uncompetitive.
There is a very long list of manufacturing companies and factories that have folded up in Nigeria.
“First, the increased jobs would be created via the construction and operation of power plants across Nigeria, as well as, the construction of facilities needed to supply fuel to these power plants. In addition, the infrastructure required to evacuate electricity from the power plants and distribute the electricity to Nigerians would also have to be developed. During the construction stage of these facilities, thousands of additional jobs would be needed,” he said.
He believes that the general effect will also include industrial customers, typically, facilities and equipment which use electricity for processing, producing or assembling goods; diverse industries, such as manufacturing, mining, agriculture, and construction would prosper with an uninterrupted electricity supply. Overall, this sector uses more than a third of Nigeria’s electricity.
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