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Poor electricity supply may keep Nigeria uncompetitive for more 20 years—CVL VP

Senior Vice President, Centre for Values in Leadership (CVL), Rasheed Adegbenro, has argued that Nigeria risks not joining the industrialised world if the supply of electricity continues to be erratic in the next 20 years.

He said regularity of power determines the speed with which the private sector will deepen their industrial activities.

A recent industrial figure showed that over 94 per cent of factories in Nigeria power their production.

He said: “If you have television, refrigerator and air conditioner at home, you are consuming the energy of 100 people. There is no way we can run industrialisation on a per capita consumption of 13 watts.

“Also, the telecommunication companies are struggling with providing self-generated power for their transmission networks. When they realised there was no power after acquiring the assets, they quickly mobilised funds from international financiers to remain in business.

“Discos and Gencos are challenged because the money is not there. Those who took money from the banks cannot pay back and the banks are not ready to release more funds for the electricity firms.”

Corroborating Adengbenro, President, Nigeria -Vietnam Chamber of Commerce and Industry, Oye Akinsemoyin, believes that government’s solutions to the electricity challenges have not been effective.

He said “I think government needs a new cabinet to manage the challenges of electricity in Nigeria”.