Nigeria can’t achieve much without stable energy
Nigeria can’t achieve much without stable energy says IMF
Without energy, it’s difficult for Nigeria to achieve higher productivity in many sectors of the economy, Mr. Abebe Aemro Selassie, the Director of the International Monetary Fund (IMF’s ) African Department has said.
Briefing newsmen over the weekend at the IMF/ World Bank Annual Meetings in Washington DC, Selassie said even the growth recorded in the agric sector could have been much better with stable energy.
“Given how big the size of the Nigerian economy is and given the potential that it has including an agriculture, it is a sector that should be doing much better I think. On the macro side I think what is needed in Nigeria at this moment we think are mobilizing more revenues.”
He stressed that Revenue mobilisation is key to helping the government invest more in health and education and building infrastructure that is going to be important for other sectors like agriculture, manufacturing to take off.
“Without energy, it’s difficult to have higher productivity activities to take place including in agriculture. Some processing is going to be important. So, addressing the energy issue, all of this I think requires a lot more public investment and so the revenue mobilization angle being important.”
On the foreign exchange market reforms, Selassie appreciated the progress recorded in the last five months but said the gap in the market is still wide.
“If you look simply at the gap between the foreign exchange market rate, you know, the bank rate and the parallel market rate was very, very wide earlier this year, a lot of businesses complaining about shortage of you know, not having enough access to foreign exchange, I think that has attenuated over the last four, five months, so that’s what we are encouraged by.”
“The objective as we used to have before, has to be in creating a liquid and deep single foreign exchange market. So, you know, reforms toward that, going forward would be helpful,” he added.
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Without stability everything is just so much harder. Nigeria is a growing economy and I think they are going to find a solution to this problem pretty soon. They are driving much of the economy on the African continent.
i think they know what to do if they really want to resolve power issues in Nigeria... but corruption won't let them...
some guys from china came to PH to teach how to power generator with water about 3-4 years ago... gun man came and closed the event... they were sent back to china that very day. it was as bad as the guys begged the few people thay knew the technique never to say anything else their lives would be at risks from politicians