Vera Samuel ANYAGAFU

The Chairman, Blue Diamond Logistics, Mr. Uzoma Festus Mbisiogu has said that steady power supply in Nigeria, is critical to fast economic growth,  hence, the federal government has no choice than to deliver.

Power

Speaking  in an interview, Mbisiogu said Nigerians cannot wait any longer for constant power supply, as such, focus should be on how best to harness the available human resource and the physical assets to this effect and regain lost time.

According to him, only steady power supply can enhance diversification of the economy and create employment for majority of Nigerians.”Unsteady power supply in Nigeria is too obvious to be overlooked. Robust access to steady and vastly improved power supply in the country will attract more foreign investments.

“Uninterrupted electricity supply will motivate entrepreneurs to set up industries in different parts of the country, and it is certain that a lot of factors are considered in  investing in the country, with the major interest in consistent power generation.  “From my findings, there are things these companies are not telling us with regard to unavailability of power in the country, approximately, three years after taking over from Power Holding Company of Nigeria, PHCN,” Mbisiogu said.

He therefore urged President Muhammadu Buhari to revisit the privatisation process of PHCN,to ascertain the reasons behind non-performance of these private sectors, noting that, “ 80 per cent of every economy is driven by steady power supply, and paying attention to power is imperative to realising change promised Nigerians.

Fall in oil price

Noting that the crash of oil price has almost plunged the economy into depression, Mbisiogu argued that now is the time to diversify the economy.

According to him, “We cannot just keep depending on oil out of the numerous mineral resources Nigeria is endowed with. It is sad to know that with the drop in oil price, Nigeria is tending towards experiencing an economic depression. In other words, Nigeria needs to redirect its attention and put more effort in agriculture.

“As a matter of urgency, we need to diversify the economy and create conducive environment for local content to thrive.”