Economist Harps On Increased Energy Supply

An economist, Mr. Friday Udoh says increased energy supply is crucial to the economic advancement of Nigeria in the 2011 fiscal year.

Udoh, who is the South-South Coordinator of the Institute of Chartered Economists of Nigeria, made the observation recently in Eket, Akwa Ibom, in an interview with newsmen.

He said the current rate of energy supply in the country was grossly inadequate for the attainment of any meaningful economic growth.

Udoh said that boosting energy supply would pave way for the comatose industrial sector to come alive and kick-start the process of economic growth.

“There is still time to change the road we’re on; the future of our development depends on how successful we tackle our energy challenges”, he observed.

Udoh, an energy economist and gas supply value chain expert, noted that infrastructural development and liberalization of the industrial sector were pivotal to the successful implementation of government programmes.

He also stressed the need to streamline the regulatory functions in the energy sector as practised in developed countries, pointing out that the proliferation of regulatory bodies in the sector would lead to conflict.

The economist said that it was an irons that Nigeria, ranked the world’s seventh largest gas producer, was contending with an energy crisis.