The President of African Development Bank (AfDB), Akinwumi Adesina, has advised the federal government to prioritize fixing the country’s power challenges for development.
News360 Info reports that Adesina said without reliable power, Nigeria’s economy would not achieve its expected growth.
He stated this while delivering a keynote address at the 20th Anniversary Dinner of Chapel Hill Denham in Lagos on Monday.
“Without reliable power Nigeria’s economy will be locked in a never-ending slow growth trajectory, without transformation. You cannot industrialise, you cannot compete, and you certainly cannot create jobs at scale if you don’t have electricity.
“Access to power is not just about lights, it’s about productivity, competitiveness, and prosperity,” he said.
The former Minister of Agriculture stressed that Nigeria’s economy cannot thrive in the global digital economy through diesel generators.
He also called on private sector players to invest in Nigeria’s energy sector to address the nation’s perennial power challenge.
“The digital economy cannot thrive on diesel generators. We must create a 21st-century grid, powered by clean, reliable, and scalable energy solutions. And for that, the private sector must be at the heart of the energy transition,” he stated.
The AfDB President further called on the government to bring out clear energy policies that would guide private sector investors in the sector.
“The market must work, investors need clarity, certainty, and contracts that are bankable. With the right regulatory environment, Nigeria can become a hub for green energy, not just for itself, but for West Africa,” he advised.
