Nigeria’s economic growth’ll be stunted with current power situation

The Coordinating Minister of the Economy, Wale Edun, has said that Nigeria’s economy would not grow with the current power situation.

Edun, who spoke in Abuja at the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Plan, also lamented that only 40 percent of Nigerians can access electricity supply.

He said the privatisation of the power sector has underperformed and it’s very disappointing, noting that the government can only rely on renewable energy for greener and cleaner power and to grow the economy.

“Power is one of the Bola Ahmed Tinubu’s priority areas to drive rapid, sustained economic growth. Power is clearly at the heart of his programme. We cannot have industrialisation and growth in manufacturing without electricity.

“Forty percent of Nigeria’s population do not have access to electricity and clearly to Mr President, that is unacceptable. Ten years ago, there was a privatisation exercise, but it has underwhelmed and underperformed and the result has been disappointing. So, it is important that stakeholders are part of the conversations and solutions.

“In addition to all other options that we have for pricing electricity, we now have an array of options with renewable energy. It cannot be that we have the choice of going all green, all we want to see is a solution of providing power and growing the economy rapidly.

“So, that is the mandate for all stakeholders. They should protect the environment, but more importantly, they must provide the basis for growing Nigeria’s economy”, he said.

In his remarks, the Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, said out of the $100 billion per annum investment in power, only 14 percent will come from the public sector.

“Our long-time plan, Agenda 2050 is a major plank to deliver our investment in power and only 14 percent of the $100 billion per annum investment is expected to come from the public. So, we have a lot to do to meet Nigerians’ electricity needs.

“The National Integrated Infrastructure Master plan is significant work done in terms of power components and most of it was done by the Ministry of Budget and National Planning.

“Equally, one of the things we have been doing last week in the ecosystem is Mr President’s interaction with investors and development partners around the world,” he said

Bagudu also disclosed that as part of global gateway funding of ¢300 billion, ¢150 billion is designated for Africa and they even expect to spend the fund before the year 2030.