Lawmakers Say Increase In Power Supply Will Reflate Nigeria’s Economy

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Power supply in the nation has been poor, with over 160 million people rationing below 5,000 megawatts.

The Nigerian government has blamed the situation on attacks on oil facilities in the southern part of the nation by militants seeking emancipation of the area and more involvement in the control of the region’s natural resources.

Companies have closed down, as they have had to rely on fuelling power generation plants to run their businesses or power machines for productions.

But the Chairman of the House Committee on Power, Daniel Asuquo, believes there is still hope for the economy that has slipped into recession in the second quarter of 2016.

The state of the nation’s economy became glaring when the second quarter report of the National Bureau of Statistics showed that the economy had contracted for a second consecutive time by 2.06%.

it has also slipped further in the second quarter contracting by 2.24%, according to the agency’s report for the third quarter.

The Nigerian government is making efforts to reflate the economy, pumping money into the economy in the last few months.

However, at a public power forum held on Friday for consumers and the power distribution company in Benin City, the capital of Edo State, Honourable Asuquo identified power supply as a major catalyst in efforts by the government to pull the nation out of the current economic recession.

The comment is the latest in recommendations that have been made to reflate the economy of Africa’s most populous nation.

The House Committee on power is currently on a tour of the distribution companies in a bid to improve power supply in the country.

Source: Channels 

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