High cost of electricity cause of economic decline – Don

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Nigeria can beat all odds, including dependence on generators for power, to become the largest economy in Africa, an expert in electricity generation has said.

Prof. Adeola Adenikinju, the Director, Centre for Energy Economics and Law (CPEEL) University of Ibadan disclosed this in an interview with the News Agency of Nigeria (NAN) on Monday in Ibadan.

He said that the country would achieved more growth and development with improved generation and distribution of electricity for the populace.

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“We should be growing at seven per cent not 1.5 five per cent, not at three per cent, we should be the economic power house of the whole of Africa because we have the endowment, the population to do that.

“We should cut poverty significantly, we should have our youth working; many of them are enterprising, but when they look at the cost of setting up and the avoidable cost of power, it becomes difficult for them.

“We need to look at this sector again and the value chains and how we can address some of the challenges that we currently have.

“Like how do we lower the value chain so that people can afford to pay; we should have a cost reflective tariff so that those who are in the business can make money.’’

The don added that the country should have vast and effective contract laws that should be applied when such legislations was breached. (NAN)

 

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