Electricity Will Boost Nigeria’s Ease of Doing Business—Elumelu

By Modupe Gbadeyanka

Nigerian business mogul, Mr Tony Elemelu, has charged government to work on providing stable electricity in the country in order to increase ease of doing business in the Africa’s largest economy.

Speaking at the 23rd Nigerian Economic Summit tagged NES23, in Abuja on Tuesday, the former Group Managing Director of United Bank for Africa (UBA) Plc said apart from improving the ease of doing business, steady power will make life significantly easier for entrepreneurs and every Nigerian citizens.

He lamented that poor electricity supply in the country has killed some businesses, which would have become big.

“If we fix power, we will increase our ease of doing business and make life significantly easier for entrepreneurs and every Nigerian,” Mr Elumelu disclosed at the event.

Speaking on the topic ‘Opportunities, Productivity and Employment: Actualizing the Economic Recovery and Growth Plan,’ the businessman said, “I had three key messages to share with the audience: first let us prioritize the creative sector in Nigeria as the investment potential here is huge; second, let’s prioritize SMEs to create inclusiveness and jobs which we so desperately need in Nigeria; third, let’s prioritize access to electricity to drive job creation, inclusive growth, and diversification of our economy.”

Mr Elumelu noted that, “One option I shared is to recapitalise fully leveraged DISCO entities in the sector to allow willing and competent investors to come in.

“If we fix power, we will increase our ease of doing business and make life significantly easier for entrepreneurs and every Nigerian.

“Ultimately, investors are attracted to economies where businesses are doing well.”

In May 2017, the Vice President, Mr Yemi Osinbajo, then as the Acting President, signed three executive orders aimed to boost the country’s ease of doing business.

The three executive orders touched on specific instructions on a number of policy issues. The issues include the promotion of transparency and efficiency in the business environment designed to facilitate the ease of doing business in the country; timely submission of annual budgetary estimates by all statutory and non-statutory agencies, including companies owned by the Federal Government; and support for local contents in public procurement by the Federal Government.