By Michael Eboh
The absence of clear cut policies from the Federal Government and necessary legislative backing are frustrating investors and stifling investment in the Nigerian power and mining sectors, according to the former Managing Director of the Nigeria Mortgage Refinance Company, NMRC, Professor Charles Inyangete.
Inyangete stated this in an interview with Vanguard on the sideline of a Facility Management forum in Abuja, to mark the 2018 World Facility Management Day.
The event was organised by the International Facility Management Association, IFMA, Abuja Chapter and sponsored by Total Facility Management Limited.
He noted that efforts to build a world class mining sector by stakeholders in the industry are being frustrated by the absence of a clear cut mining policy.
He further lamented that years after the power sector privatisation, the sector was still going round in circles with no meaningful progress.
He said: “The economy, especially some critical sectors, need rules that are clear for people to understand. As stakeholders, we need to understand that the policies that support investments are in place.
“Let us take mining for example, stakeholders want to build an infrastructure for the mining sector to grow in Nigeria, but we find that we do not have a clear cut mining policy. If you want to build infrastructure for the power sector, it is still revolving in the power sector since priviatisation.
“Some of the investments that started off are still not completed. If everything is in place, it would have been much better. The infrastructure that I was told was available for taking gas to the pipeline are no longer there; and in fact, there is no rule, no legislative backing for a company to be able to tap into the gas pipeline, if there is one at all. It makes for people not wanting to come in and invest in the sector.”
He emphasised the need for concerted efforts in addressing the issues militating against the growth of the power and mining sectors, and also the need to encourage increased public- private partnership.
“We need to address this issue, go back to the drawing board, set a level playing field to allow the private sector investments to come in.
We need to start; and that start is dependent on the environment. We need to change that. We are a massive economy in the African context. We are the largest economy in the African continent. So we should be well advantaged and to be able to gain that advantage, we need to change the way we do things from the public sector in particular.”
Inyangete further lamented that the poor infrastructure facility recorded in critical sectors of the country’s economy is reducing national economic growth by two per cent and business productivity by 40 per cent.
To bridge this gap, he noted that efforts should be geared towards opening the capital market to enable stakeholders and also facility managers raise fund seamlessly, as this would deepen their contribution to building sustainable cities.