In order for any country to grow, electricity has been an historical enabler for industrial development , social welfare , improved healthcare, education, economic stability security and exponential growth in the western world, and its role is only increasing in importance, this has made electricity the growing backbone of the world’s economic Giant countries like USA ,CHINA,GERMANY,RUSSIA etc.
Over the past 17 years while travelling across the numerous European countries I noticed that economic growth and development are tied to providing a constant power supply, their everyday life revolves around this fact and to be honest if for one reason these countries don’t have a constant power supply, everything would crash.
Therefore, since a sufficient and constant supply of electricity is indispensable for the economic development of highly developed industrialised countries, hence, if Nigeria would be great it has to be by becoming a mega industrialized country in order to meet up with the global economic power. This applies to all areas of a modern economy, beginning with the production sector and including transportation and the service sector to private households and for this to happen there must be an uninterrupted power supply both in rural and urban areas.
Nigerian youth are industrious ,creative ,fearless,Bold,inquisitive and success driven people, but the lack of resources to fulfill and unleash their creative potential paints most youth as unproductive.
With all the unpatriotic government policies in Nigeria, In 2021 SMEs contributed 48% of national GDP, also accounted for 96% of businesses and 84% of employment.. Can you imagine these figures?
Let any Government provide a 24 hours power supply and see how much growth the country will experience in a very short interval.
In addition, constant power supply would bring about the availability of supply security, the importance of renewable energy for the electricity supply and the innovativeness of the power industry in Nigeria will be a great infrastrurcture which would eventually lead to sustainable development and economic growth,this is a comparison of the situation in European countries.
Power industry is of great importance to the economic growth of any country. However, the challenge for the energy suppliers might be coping with the considerable costs – in particular for industrial consumers – that are imposed by the many energy-policy decisions, notwithstanding, this can be regulated by strict government policies taking rigorous action for power companies to lose their licence if need be.
Furthermore, one of the obstacles to mega industrialization in Nigeria is the overdependence on imported machinery and goods. Most of the technology and machines used by our local manufacturers are imported from other countries, and these machines are of course very expensive. This hinders potential industrialists from venturing into production. Now if we can produce our own local machinery,many people will go into production and more industries will be created , more jobs created,SMEs would scale their businesses and unemployment will reduce which would then translate to a sustainable economic growth and development.
What happens if the economy of a country is stable, growing and sustainable? corruption would reduce to a minimum barest percentage, the country would be secured from banditary, kidnaping and government property vandalisation would stop, this can only happen when everyone has something to do.
For Nigeria to grow economically, it can not continue to depend on oil production. We need a MEGA diversification in industrial establishments that covers sectors such as mining, manufacturing, electricity, gas and steam, we must account for 80 percent of our total production and exported goods while reducing our imported goods consumption to 20%.
The only answer to this is a constant uninterrupted power supply.
GMD MO GROUP LTD