The Federal Government has said it plans to inject
$3trillion in fresh investment into the power sector to
end Nigeria’ s nightmare in the sector .
Vice President , Yemi Osinbajo, who spoke on “ The
Nigerian Economy and the Future” at the 10th Year
Anniversary Lecture of Crescent University, Abeokuta ,
Ogun State at the weeekend, the investment will come
over the next 30 years .
He said : “ The plans for the power sector will be
supported with a National Infrastructural Master Plan
that requires an investment of $3trillion over a 30 -year
period. This is the minimal requirement to improve our
infrastructure stock from 35 per cent of GDP ( gross
domestic product ) to the benchmark for our peers ,
which is estimated at 70 per cent of GDP.
“ Apart from enabling manufacturing and other sectors,
we expect that the investment in infrastructure will
also directly create thousands of jobs in construction
and maintenance activities . ”
The Vice President blamed weak transmission grid for
its inability to wheel 5, 000 megawatts ( Mw) of
electricity into the national grid .
He promised to work with distribution companies
( DISCOs ) to ensure that necessary investments are
made to get electricity to Nigerians .
A statement endorsed yesterday by Mfon Udott of the
Media Office of the Vice President , explained that
government promised to remove the gridlock .
He said : “ The APC manifesto is to deliver a minimum
of 10 per cent GDP growth annually, while ensuring an
inclusive economy that improves the lives of all
Nigerians . This cannot happen unless we achieve a
significant improvement in the power sector . ”
He assured that the administration will focus on
improving the supply of gas to power plants , which will
ensure sufficient gas supply that will help maximise
the 13, 000Mw of generating capacity .
On the pervasive poverty ravaging the country,
Osinbajo said : “ We cannot talk about the economy of
the future without addressing how we move people out
of poverty . One of the most striking promises we made
during the campaign was the payment of Five
Thousand Naira to the poorest Nigerians across the
country .
“ We are currently evaluating the best ways to collapse
existing cash transfer and social welfare schemes to
ensure consistency and alignment; once this is
completed , we will implement the first phase of this
program, using recognized identification platforms and
transparent payment solutions .
“ Today , about 112 million ( 66 per cent of Nigerians )
are deemed extremely poor, measured by World Bank
parameter of those living on less than $1. 25 per day.
“ This level of poverty explains much of the Nigerian
situation because it affects all aspects of life . It
explains why over a million Nigerians die yearly of
preventable diseases . It reflects in our alarming rates
of infant mortality and maternal deaths at childbirth . It
also tells why so many children of school age are out
of school and why so many adults lack access to
healthcare and proper vocational training; why , in
effect, they are less efficient and less productive at
work. ”
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