Poor Power Sector, Bane Of Nigeria’s Economic Growth — Aliko Dangote

June 9, 2019

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Poor Power Sector, Bane Of Nigeria’s Economic Growth — Aliko Dangote

Nigerian business magnate and owner of the Dangote Group, Aliko Dangote has lamented the poor power supply in Nigeria, which according to him is constituting a bane to the nation’s economic growth.

The Africa’s richest man made the statement at a consultative roundtable session for public and private sector stakeholders which held in Lagos on Saturday.

The programme was organised by the Central Bank of Nigeria (CBN).

According to Dangote, Nigeria had been struggling to increase its electricity output for the past 18 years without success.

He urged the federal government to improve the sector, saying that “no business will thrive with business owners generating powers themselves”.

He said instead of depending on proceeds from crude oil sales, government should focus on the non-oil sector of the economy, with particular reference to finance, manufacturing and agriculture.

His Words:

“How do you have economic growth without power? So, no power, no growth because without power there can’t be growth.

“Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.

“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?

“So, I think we all need to be concerned about that.

“Government needs to encourage non-oil sector growth rather than depending on proceeds from crude oil to pay salaries.

“Proceeds from crude oil sale should be for major investment in the country.”