May 28, 2023

Fixing power will make Nigeria’s industry competitive – Akinwumi Adesina


AfDB President, Dr. Akinwumi Adesina

By Biodun Busari 

President of the African Development Bank (AfDB) Dr Akinwumi Adesina has urged the incoming administration to fix the power sector to make Nigeria’s industry sector competitive. 

Adesina said has said fixing power the power will ensure faster growth saying there is no justification for the abysmal power situation in the country. 

The AfDB President gave the advice while speaking during a presidential inauguration lecture in Abuja, the nation’s capital on Saturday.

He also tasked the government to increase the tax generation in the country and ensure that multinational companies pay appropriate royalties and taxes.

The former Minister of Agriculture, who spoke on the backdrop of the nation’s rising borrowings to meet its financial needs, also advocated that the incoming government should move away from tax exemption to tax redemption.

He also wanted the Nigerian authorities to block tax leakages in revenue collection, even as he noted that simply raising taxes is not enough, the government must provide the basic amenities to the masses.

“For faster growth, Nigeria must fix decisively, the issue of power once and for all. There is no justification for Nigeria not having enough power.

“The abnormal have simply become normal. Nigeria’s private sector is hampered by the high cost of power. Providing electricity will make Nigerian industry more competitive, especially within the context of the African Continental Free Trade Area,” he stated.

Speaking on the need to reduce cost of governance, the former agriculture minister described cost governance as too high, noting that it should be “drastically reduced to free up more resources for development”.

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