Ebrima Faal, African Development Bank (AfDB) Director in charge of Nigeria, has stated that Nigerians spend about $14 billion every year on generators and fuel, to provide alternative power supply in the country.
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Faal, who said this at a stakeholders forum in Abuja, noted that the issue has had a negative impact on the power sector.
Corroborating the statement, Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI), said AfDB’s statistics is right, considering that private and public sector operators spend a lot of money to provide diesel-powered generators to grow the economy.
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“The costs incurred to provide alternative sources of power are inevitable, if industrialists are to remain in business in Nigeria,” Yusuf told The Nation.
“This, perhaps, is the biggest single factor impeding the growth of industrialisation. The issue has made our industries very uncompetitive in recent times.
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“That is one of the reasons our industries cannot produce for export unlike their counterparts abroad.
‘’Also, our industries contribute less than 10 per cent to the country’s Gross Domestic Product (GDP).’’
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According to him, the country is in a pathetic situation, as it is unable to fix her power sector 59 years after independence.
He said Nigeria still depends alot on imports, stressing that the country is paying a huge price for structural defects.