Business
‘Poor Power Supply, Bane Of Industrial Growth’
It has been observed that growth in the manufacturing sector has been declaring from year to year due to inefficient energy supply and faulty policy implementation by he federal government.
An industrialist, Chief Onwuameze Akachukwu, made the observation yesterday in Port Harcourt during an interview with The Tide.
Akachukwu who is the Managing Director and Chief Executive Officer of Onwaka Industries Limited, said the problem has become a sore-point, as the solution to power supply in the country has eluded several governments.
According to him, more industrialisation process and economic development would have been achieved in the country if the issue of energy was rightfully addressed and appropriate policies were put in place and well implemented. “The scenarios, he said has contributed to the high cost of production in Nigeria and consequent uncompetitiveness of Nigerian industries.
It is also important that the power road map, which president Goodluck Jonathan has unfolded, be given accelerated attention,” he added.
He explained that the current projected capacity of electricity of about 6,00 watt of which about 67 is thermal and the balance is hydro based, was not enough to go round.
He advised that if Nigeria is to explore alternative sources of energy to drive economic growth and achieving millennium development goals (MDGs) these barriers must be eliminated through significant investment in the critical area of research, human capacity development, building of indigenous manufacturing capacity and intensification of the on-going economic reforms to create an investor friendly environment and create public awareness.
He urged the government for continuous massive infrastructural development, deliberate and genuine politics must be implemented as re industrialising the country is the answer to improving the social and economic situation of the country.