Stakeholders in the manufacturing and power sectors have said that Nigeria has the capacity to achieve seven per cent growth rate in its Gross Domestic Product and lift 70 million people above the poverty level, if the problem of poor power supply is addressed.
The Chief Executive Officer, Siemens Nigeria, Mr. Onyeche Tifase, explained that increased collaboration between the power sector operators and trusted global suppliers, was a critical factor to boost access to energy supply and reduce poverty considerably.
According to him, international studies suggest that Nigeria could potentially achieve over seven per cent annual GDP growth, making it a top-20 economy by 2030, with a GDP of more than $1.6 trillion, which is four times the current GDP.
He said, “This translates into 70 million people being moved above the poverty line in little more than a decade. But the fact remains that this potential will never be realised without sufficient access to end-to-end electrification, which is the backbone of any thriving economy. This includes power generation, transmission, distribution and the efficient application of electrical energy, through automation.”
On ensuring that electricity distribution companies get optimum returns, Tifase suggested that the deployment of smart metering technology and sophisticated tracking systems to pinpoint illegal connections would be of immense benefit.
He noted that, though 60 per cent of Nigeria’s 182 million population had access to electricity, majority of the power was generated by an ageing and inefficient grid that had lost 8.6 gigawatt, which represents 69 per cent of the country’s 12.5 GW installed capacity.
“These substantial losses are a result of inefficient controls, poor monitoring technology and outdated infrastructure.
“Investment in proven end-to-end electrification technology will directly tackle the scourge of unemployment, poverty and inequality, creating an inclusive and prosperous Nigeria.
“With uninterrupted access to electricity, businesses are more productive, hospitals provide better medical care, children receive better education at school, and homes are safer and more comfortable,” he added.
To make electricity more easily accessible to the whole population, power generation capacity must be ramped up and streamlined,”
he added.
