President says power sector is undergoing overhaul

President Muhammadu Buhari has revealed that a total overhauling of the Nigerian power sector has commenced so as to enable industrialisation.

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Speaking at the United Nations Industrial Development Organisation’s event held on the sidelines of the ongoing UN General Assembly in New York, President Buhari said his administration commenced a comprehensive overhaul because Nigeria, like many other African countries, was facing power shortages that have prevented its potentials to grow.

He said, “For us in Nigeria, we are placing emphasis on diversification of our economy using Small and Medium Enterprises, energy and mining sectors and agro-allied industries."

Continuing, he said, 'Specifically, we can attest to the viability of small businesses to boost growth and create more jobs for the youth and serve as the precursor of full industrialisation.

'Nigeria and many other African countries are facing power shortages which have impacted negatively on our growth potential.

'Industrialisation cannot take place without reliable energy infrastructure. We are, therefore, working on a comprehensive overhaul of our power industry.

'For industrialisation to be attained, Africa must adopt practical policies and strategies. We need to safeguard the interest of local production in an era of rampant globalisation. We also need to enhance regional and cross border cooperation,' he said.