Power is the lungs of economy and Nigeria lacks it – Gupta

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It’s no longer news that Nigeria still struggles to provide its citizens with 24 hour uninterrupted power supply even as we celebrate 59 year of independence.

Also Read: World Bank: Nigeria seeks new $2.5bn loan

 

On The Platform a program hosted by Pastor Poju Oyemade of Covenant Christian Center on the commemoration of Nigeria’s 59th independence celebration, guest speaker Dr. Anil Gupta an expert on globalization ad emerging markets on Tuesday highlighted the importance of electricity in moving a nation forward.

He states that electricity is the lungs of the economy without it a nation cannot move record progress.

He also mentioned that electricity is a major aspect of Nigeria’s infrastructural need which the government needs to work critically at providing if it really wants to build a nation that will compete favourably with other fast growing economies in the world.

 

“The seeming most important aspect is electricity. Roads, highways and other segments of infrastructure are important but electricity, I will put ahead of these.

“If we look at the industrial revolution that made America and Europe rich, starting from the early 19th century its really that the lungs which gives power to the body. It was steam engines first and electricity next.

“So without power, the lungs of the economy, it is impossible to march ahead.

 

Gupta stated the obvious when he lamented that the electricity produced in Nigeria is absolutely inadequate stating that that is a segment of the economy in which government must play a major role.

He however, added that Nigeria will experience development if the Power sector is given adequate attention.

A study shows that 40% of production cost of producing in Nigeria, goods or service is power, a situation if left unchecked will certainly act as growth and development inhibitor.

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