Okwuosa hinges Nigeria’s economic growth on stable power
The overall strategy for a sustainable economic growth and development in Nigeria is anchored on the achievement of a stable power supply, the Chairman, Oilserv Group, Dr. Emeka Okwuosa, has said.
He identified some of these strategies to include, optimising the existing installed capacity available for generation; restoring lost gas supply through the gas flare commercialisation programme; and elimination of gas infrastructure vandalism.
Also is the completion of major gas infrastructure lines to plants and main trunk lines to facilitate gas supply for power generation; encouragement small scale projects; and reaching final closure for the implementation of the solar plants power sharing agreements.
He added that the deployment of a clear legal and commercial framework for investment in the power sector, introduction of good financing strategy for capital market and banking that support the sector remained critical.
The Oilserv boss made these assertions at the 48th Convocation Ceremony of the University of Nigeria, Nsukka, Enugu State, yesterday, where he delivered a lecture on, “Infrastructural Development: A Key to Economic Growth and Development in Nigeria.”
He said: “Infrastructure in more practical terms is regarded as basic essential services put in place by practitioners to enable development to occur.
“It is imperative that economic growth and development of Nigeria can be accelerated and facilitated by the provision of an articulated infrastructure framework that will contribute to improving the quality of life by creating amenities, providing consumption goods in the areas of energy, transport, communication services and in all other facets of macroeconomic stability.”
According to him, it is disheartening that despite the huge capital resources, both natural and human at the country’s disposal, “we as a people and a country have performed so abysmally in the provision of infrastructural development essential for the projection of proportionately good economic growth.
“The massive underinvestment in infrastructural development has been the result or bane to achieving our vision of becoming a top 20 economy by the Year 2020. In reality, the present infrastructural deficit in Nigeria will continue to adversely impact on its economic growth.”
To achieve the needed development, Okwuosa urged Nigeria to focus on achieving macroeconomic stability and economic diversification.
“The variance of this stability could only be achieved by undertaking fiscal stimulus measures that ensure monetary stability by improving our external balance of trade with particular focus on the key sectors that drive and enable economic growth,” he stressed.