41% Of Firms Generate Own Power, Says NESG

Despite improved power supply, 41 per cent of businesses still generate their own electricity, while 56 per cent don’t have access to electricity, the Nigeria Economic Summit Group (NESG) said yesterday. Speaking at the opening ceremony of the 21st Nigerian Economic Summit, NESG Chairman, Kyari Bukar, also advocated the immediate passage of the Petroleum Industry Bill (PIB) into law by the National Assembly, pointing out that the bill contained provisions that will transform the oil and gas sector.

While lauding President Muhammdu Buhari for the improvement in power supply, he said the country faces significant challenges in developing a stable business environment as she ranked 170 out of 189 countries the World Bank is doing business with.

The Nation report continues:

He said: “As an emerging nation with developing institutions and structures, Nigeria faces significant challenges in developing a stable business environment as she ranked 170th out of the 189 nations the World Bank is busy doing business with.

The security situation has made that challenge more pronounced despite some successes against Boko Haram in the Northeast. In that part of the country, security is a major challenge.

“We acknowledge the significant improvement recorded in the power sector since the inception of this administration. This administration has demonstrated a rare dedication and determination in providing a stable and constant power supply to all Nigerians.

“Power generation has, for the first time in Nigeria risen to an all time high as a result of efforts at tackling corruption, fixing the ailing facilities of the transmission companies, stable gas supply and tackling vandalism. All these improvement are laudable and are merely the beginning if the desired change required in the power sector.

“As at today, over 56 per cent of Nigerians have no access to electricity and those who are connected to the grid faces substantial power disruption. An estimated 41 per cent of Nigerian businesses generate their own power supply.

Nigeria ranked far behind other developing nations in terms of electricity consumption.

“We commend the present government for ongoing restructuring of the Nigeria National Petroleum Corporation (NNPC). However, for the fourth year running, we must appeal to our legislators to work on the PIB and bring it to a positive conclusion.

“This bill contains provisions that will redefine and change the oil and gas sector and line with the philosophy of the NESG to turn the NNPC into a fully commercial enterprise and so, cease to be a wholly government-run enterprise.