‘How to stop Nigeria’s $26.2b yearly economic losses’

Nigeria’s $26.2 billion yearly economic losses caused by poor access to electricity can be reversed through committed political leadership, said an All Progressives Congress (APC) Presidential aspirant, Moses Ayom.

Ayom, who made his 2023 Presidential aspiration known, yesterday, maintained that with good leadership, the country’s economic challenges could be resolved.

Speaking to journalists in Abuja, Ayom said: “We have all the natural and human resources to guarantee good life for every Nigerian, lead Africa, and play big in the top league of advanced world economies.”

According to him, “Nigeria requires a sound leader; one that is committed to stimulating inclusive economic growth, technological innovation, and entrepreneurship that creates jobs and increases the standard of living for every Nigerian;

“A leader that is religiously committed to the promotion of justice, equity, and representation, to give all entities in this country a practical stake and deep and heartfelt sense of inclusion, as well as prioritising competence in public service where governance is seen as a tool for the service of all rather than an avenue for political patronage.”

As a first significant step towards reviving the economy, Ayom said his Presidency “would implement initiatives that would help turn the South East region into the Guangzhou manufacturing hub of Africa and support locally produced goods with tax incentives.

“We would encourage the manufacture and use of made-in-Nigeria goods. As President, I would drive Innoson vehicles and make it mandatory for government agencies to follow suit.”

He said ensuring steady supply of electricity is fundamental to building a modern and prosperous Nigeria, which he noted, currently has the largest energy deficit in the world.

“According to the World Bank, over 85 million Nigerians, representing 43 per cent of our population, don’t have access to grid electricity. The lack of reliable power is a significant constraint for both citizens and businesses. The World Bank estimates that we record yearly economic losses estimated at $26.2 billion (N10.1 trillion), which is equivalent to about two per cent of GDP.”

Ayom said Nigeria needs over 24,380 MW to power its economy and lamented that currently “our total installed generation capacity is 12,522 MW, but average operational generation capacity is just less than 5,000MW at peak. About 7.4 per cent is lost in transmission and up to 27.7 per cent load is rejected at distribution.”

On tackling insecurity, Ayom said: “We would sustain the tempo of investment in the armed forces, forge alliances that ensure steady supply and availability of the most modern security equipment and promote discipline and professionalism in the rank and file of our security architecture.

“We shall build a million-man strong armed force with the most modern fighting equipment and training. This is because I believe what we need now is superior force to destroy the resolve of those who threaten our peace, while seeking long-term solutions that would reduce the vulnerabilities of youth to insurgents, criminals, and destabilisers.”