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Lack of electricity discouraging local, foreign investments flow — Alakija

Top flight billionaire indigenous entrepreneur and founder, Folorunso Alakija Skills Acquisition Center (FASAC), Folorunsho Alakija has opened up saying the rhetoric defence of the current administration on why there has been no steady power is no more acceptable.

She argued that lack of reliable power supply remains the key factor discouraging both local and foreign investments.

Speaking on the side-lines of FASAC first graduation ceremony at the Yaba College of Technology, he identified inadequate power supply as the major factor slowing the growth of entrepreneurship development in Nigeria.

She was quick to aver that Nigerians are no more interested in excuses adduced by the current government or even the endless blames of the PDP government as it has stayed ample time to right the wrongs after all.

According to her, “Electricity is the major challenge hindering the growth of entrepreneurship development in Nigeria. As far as I am concerned, money is not the biggest challenge, because we have seen a woman who started a company making beans cake, but who now has millions in her bank account. There is hardly any business an entrepreneur would do without electricity.

“The federal government must continue to provide adequate power supply for businesses. This is what the people need and we need it so badly, because it is affecting our economy. It also discourages investors from outside the country to invest. It is a hindrance to business development.”

On the graduands, the founder of FASAC said she decided to partner with YabaTech based on the sterling background of the institution in skills training over the decades in Nigeria.

Alakija averred that the graduating students have been privileged and urged them to make the best of it by putting to judicious use what they have learnt.

She was quick to argue that encouraging entrepreneurs was the best way to achieve economic growth and development.

She therefore called on deep pocket entrepreneurs to join her in establishing schemes like FASAC that are structured to empower the Nigerian youths.

Alakija added that “Now is the time for them to use these tools and what they have learnt to make money from it. The ball is in their court and they can be whoever they want to be in life. There are more cottage industries than huge industries in any nation.”

Checks by Business Hilights showed that the Foundation empowered the graduands with startup packs to begin their new business life.

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