Power sector hindering Nigeria’s economic growth – TheNigerialawyer

The President of the Dangote Group, Aliko Dangote, says the
availability of consumer credit facility is an important option in
fighting corruption in the country.

Mr Dangote said this on Saturday in Lagos at a consultative
roundtable titled, “Going for Growth” with some economic
stakeholders.

He said that the Central Bank of Nigeria (CBN) and commercial
banks should develop consumer credit products to encourage
low-income earners to engage in loan taking.

He also identified a lack of policy implementation as the
biggest challenge in the country.

“How do you have economic growth without power? So, no power, no
growth because without power there can’t be growth.

“Egypt increased its electricity by 10 gigawatts, which is
equivalent to 10,000 megawatts in 18 months.

“In Nigeria, we have been struggling for 18 years without adding
1,000 megawatts and we have spent about three times above Egypt,
why?

“So, I think we all need to be concerned about that.”

Mr Dangote advised that the country needed to promote import
substitution for foreign exchange accumulation through proceeds
from exports.

He called for a public-private partnership to boost the non-oil
sector of the economy and added that Nigerians should invest in the
development of the non-oil sector which had been left in the hands
of foreigners.

“Government need to encourage non-oil sector growth rather than
depending on proceeds from crude oil to pay salaries.

“Proceeds from crude oil sale should be for major investment in
the country,” he added.

He urged the federal government to improve more on the power
sector, saying “no business will thrive with business owners
generating powers themselves.”

Mr Dangote said that all stakeholders must come together and
support the government in finding a solution to power challenges in
the country.

Apart from power, Mr Dangote suggested that government focuses
more on three areas which include finance, manufacturing and
agriculture.

According to him, Asian Tigers concentrated on these three
sectors for them to be where they are.

He further urged the government to focus more on the fiscal
policies for the country to move to the next level.

The business mogul said by next year, the country would have
exported eight million tonnes of cement to African countries from
the present six million tonnes.

Mr Dangote added that Nigeria would also be the biggest exporter
of fertilizers in Sub-Sahara Africa.

Also speaking, the Chairman of Zenith Bank Plc, Jim Ovia, noted
that government policies had supported the production of petroleum,
cement and fertilizers.

Mr Ovia commended the government on broadband penetration in the
country, saying it had boosted banking activities.

He supported Dangote on the need for consumer credit and said
banks were doing their best on it.

Mr Ovia, however. noted that the process had been slow because
of the challenges associated with people given accurate data for
Know-Your Customers (KYC) process.

Also, the former Managing Director of Stanbic IBTC, Peterside
Atedo, urged the CBN to continue with the effort taken in reducing
inflation rate from 18 per cent to as low as 11.37 per cent as at
April 2019.

Mr Peterside said the CBN should use the same pace to bring the
country’s inflation rate to a single digit.

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Gov. AbdulRazaq Harps on Campaign Promises, Condoles
with THISDAY MD

Kwara State Governor AbdulRahman AbdulRazaq has said he is
determined to deliver his campaign promises to the people.

AbdulRazaq said he is well of the high expectations of the
people and is resolved to work for the people, especially in road
construction and other social infrastructure.

“The state of our roads (in Kwara) is disappointing. This is
particularly true of Kwara North. There is no road, for instance,
to Gwanara especially now that it is raining and yet the contractor
handling it is collecting money. That was why the previous
administration was stoned (in Gwanara). We don’t want to be
stoned,” AbdulRazaq said at the weekend at a meeting with top
officials of the Kwara State Road Maintenance Agency in Ilorin, the
state capital.

AbdulRazaq was referring to the attacks on the convoy of former
Senate President Bukola Saraki and former Governor Abdulfatai Ahmed
in Gwanara town where locals protested their decrepit road that had
long been awarded but left undone.

He said the contractors would only be asked to go if they fail
to deliver on the administration’s development agenda and
timeline.

“Kwara people have woken up and if I don’t fix the road, they
will protest. So we will sit with the contractors. We are not
sacking or removing them. We want to be proactive so they can do
their job,” he said.

AbdulRazaq deplored the condition of roads in the state, saying
the new administration would partner with the National Assembly and
the Federal Government on how to quickly fix them.

AbdulRazaq directed the Ministry of Works to compile the list of
roads that are in bad state so that the government can work out
funding options for their rehabilitation.

He said there’s the need to move quickly to fix the potholes on
the road.

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Kwara Gov condoles with THISDAY MD over wife’s death

Kwara State Governor AbdulRahman AbdulRazaq on Sunday
commiserated with the THISDAY Managing Director Eniola Bello over
the death of his wife, Helen.

“I pray the Almighty God to give the family the fortitude to
bear this sad loss. We stand by your family in this trying hour and
we pray the Almighty God to continue to comfort you,” according to
a statement by AbdulRazaq’s Chief Press Secretary,
Rafiu Ajakaye.

The statement described the death as very painful, adding that
the governor “joins the entire nation and the media community to
mourn her.”

The governor urged the top journalist and the family to take
solace in the fact that Mrs Eniola-Bello left a legacy of being a
supportive wife and mother who was committed to good family
value.

“As mortals, we are pencils in the hand of our Creator. As
people of faith, we are to resign ourselves to God’s designs for
our lives,” the statement added.

Rafiu Ajakaye
Chief Press Secretary to the Kwara State Governor