The Managing Director of Financial Derivatives Company, Bismarck Rewane, has underscored the urgency of reforming Nigeria’s power sector, describing it as central to unlocking economic growth and national productivity.

Rewane spoke at the 2026 Economic Summit organised by Redeemed Christian Church of God (RCCG), Christ the Lord Parish, Lekki, Lagos, themed “Positioned for Advantage in a Shifting Economy.”

He warned that without reliable electricity supply, Nigeria’s economic ambitions would remain difficult to achieve.

“Economic productivity must improve, and it will be driven by power, agriculture, manufacturing, as well as fintech and telecommunications,” he said.

Describing power as the backbone of economic activity, Rewane noted that unreliable supply continues to constrain businesses—especially small and medium-scale enterprises (SMEs). He pointed out that many now depend on diesel and petrol to stay afloat, with rising fuel costs further squeezing margins.

According to him, most businesses are unable to immediately pass these increased costs to consumers, who are already grappling with stagnant incomes. Artisans and small-scale operators who rely on electricity for daily work are equally affected.

“Power remains a critical enabler of growth,” he stressed.

Providing historical context, Rewane said Nigeria has invested over $30 billion in the power sector since 1999, including about $16 billion during the administration of Olusegun Obasanjo. Despite this, electricity generation has largely stagnated, with the country still struggling to consistently produce about 4,000 megawatts—below levels achieved over two decades ago.

He called for decisive and sustained reforms to reposition the sector for efficiency and growth.

Panelists at the hybrid event—including Nike James, Sola Adesakin, Dr. Chidi Okpaluba, and moderator Uwa Osa-Oboh—highlighted strategies for navigating a rapidly changing economic landscape. They emphasised increased investment in agriculture, manufacturing, fintech, infrastructure, and human capital development as key to unlocking new opportunities.

From an SME perspective, Dr. Okpaluba stressed the need for a mindset shift, noting that value creation and identity are critical to business success.

On personal finance, Sola Adesakin encouraged participants to explore opportunities in the Nigerian stock market, pointing to recent growth trends and the importance of creating value.

Offering insights on taxation, Nike James explained recent reforms, noting a shift in tax burden towards higher-income earners. She outlined implications for employees, the self-employed, and small businesses, while emphasising compliance and proper record-keeping.

“It is our responsibility to maintain accurate records and meet our obligations,” she said.

In his remarks, the convener of the summit, Pastor Tunde Netufo, described the event as part of the church’s broader social impact initiative inspired by the RCCG General Overseer, Enoch Adeboye.

He said the annual summit aims to promote economic empowerment, reduce poverty, and build a more inclusive society.

Netufo noted that the theme of the summit reflects current global uncertainties, including developments in the Middle East that have contributed to rising crude oil prices and increased local fuel costs.

He urged participants to adopt strategic thinking in navigating economic headwinds, stressing that sustainable progress requires collective effort beyond government intervention.

“When you give a man food, you solve his problem temporarily. But when you equip him with the means to produce, you empower him for life,” he said.

The summit attracted a wide audience, both in-person and online, and featured interactive sessions that provided practical insights for individuals and businesses seeking to adapt and thrive in a shifting economy.