Akinwumi Adesina, President of the African Development Bank Group has lamented that a paucity of energy is negatively affecting the growth of Nigerian industries.
Speaking at a meeting organized by the Manufacturers Association of Nigeria (MAN) in Abuja on Tuesday, October 26,
Adesina noted that no business can survive in Nigeria without generators.
He also stated that unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain uncompetitive.
However, Quoting a report by the International Monetary Fund (IMF), Adesina said the country loses $29 billion annually,
which is about 5.8 percent of its gross domestic product (GDP) due to a lack of reliable power supply.
He also added that Nigerians spend $14 billion yearly on generators and fuel.
Furthermore, The AfDB President said;
“Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal.
“Unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain uncompetitive.”
He advised the country to create wealth through a greater export market and value diversification.
Adesina explained that the Africa Continental Free Trade Area (AfCFTA) presented a huge opportunity for Nigeria
to drive an export-driven industrial manufacturing pathway.
He said Nigeria should respect the rule of law for illegal imports not to happen.
“The size of the free trade zone, with a collective GDP of 3.3 trillion dollars, makes it the largest free trade zone
in the world by the number of countries,” he said.
“We must be ready to seize the opportunity and become a key player based on our massive potential.
By Taiyelolu A