Declare State Of Emergency In Power Sector, LCCI Tells FG

The Lagos Chamber of
Commerce and Industry (LCCI), has urged the Federal Government to declare a state-of-emergency in the power sector, saying electricity was critical to nation’s economic recovery.
Director-General of the chamber, Mr Muda Yusuf, made the call in an interview with newsmen in Lagos, yesterday.
Yusuf said that adequate power supply was integral to recovery and diversification of Nigeria’s economy.
“There is a need to think out of the box and deal with the power issue as an emergency. The nation cannot move forward with the current state of the power sector.
“Whatever needs to be done should be done, and very urgently too, because the pressure of high energy cost on businesses and the citizens is becoming challenging,” he said.
He said that the shocks of the declining economy were profound because policy responses to the trajectory of the situation were late in coming.
According to Yusuf, government should fast-track opening up of infrastructure space for private sector investment to bridge the challenge of infrastructure deficit.
“Although there have been policy pronouncements in this regard, time is of the essence.
“The increase in fuel price has taken a toll on transportation costs and many middle class car owners are not able to sustain their vehicles on the road.
“There should be urgent investment in mass transit vehicles to mitigate the pains of the middle class car owners,’’ he said.
He suggested that existing flexible exchange rate policy should be sustained to ensure liquidity in the foreign exchange market, restoration of investors’ confidence and global financial community.
“There  is the need to restore credit lines that have been lost in the last one year because of the credibility crisis,” Yusuf said.