Sun, 14 Apr 2024 Feature Article

On The Futility Of Industrializing Nigeria’s Economy With Epileptic Power Supply

On The Futility Of Industrializing Nigerias Economy With Epileptic Power Supply

It is no more news to not a few Nigerians that have been following President Bola Tinubu’s strides toward the industrialization of Nigeria’s economy as he has severally promised that his administration would focus on various sectors to foster economic growth and development. Given the foregoing backdrop, it is expedient to recall in this context that some of the key promises that were gathered by this writer from his manifesto, and which would only become achievable through industrialization as he promised cut across Job Creation, even as he has for the umpteenth times assured that the move would build a Nigeria with sufficient jobs offering decent wages, particularly for the youth, and thus ensure a better life for them.

In the same nexus is that his government will put efforts in place to grow the manufacturing sector of the economy to encourage the manufacturing of goods and services required by the nation, and thereby transform Nigeria into a country of creators.

Also, the president has at various occasions explained that industrializing Nigeria’s economy would engender trade balance which will in turn increase exports and reduce imports to strengthen the Naira and improve the standard of living.

Also included in his manifesto as a promise is that his government would render support to Nigeria’s agricultural sector of the economy, assuring that there will be continued support to the farmers with policies that enhance productivity and in that vein ensure decent incomes.

Still in the same vein, the president in his manifesto has promised that his government would ensure that Infrastructure across the country will be modernized, noting that modernization and expansion of public infrastructure would catalyze optimal economic growth.

On how his government will empower the youth and women, the president in his manifesto, assured Nigerians that sectors like the digital economy, entertainment, culture, and tourism would be harnessed to build the Nigeria of tomorrow, today.

He also promised that Social Welfare would be enhanced through the provision of training and economic opportunities to the poorest and most vulnerable, aiming for a Nigeria where no child goes to bed hungry.

In the area of power sector, the president assured that under his regime that power would be generated, transmitted, and distributed sufficiently, even as there would be affordable electricity to power homes and dreams.

Not only that, he promised that there would be access to essentials even as his government would make basic healthcare, education, and housing accessible and affordable for all.

In a similar vein, he promised that his government would establish a strong and adaptive national security policy to eliminate terror, kidnapping, banditry, and other forms of violent extremism.

Without resort to campaign of calumny in this context, it is germane to opine that these promises reflect President Tinubu’s commitment to industrializing Nigeria by creating a conducive environment for economic activities, improving infrastructure, and ensuring the welfare of the citizens.

Unfortunately, it is expedient to note at this juncture that it is futile to Industrialize Nigeria’s Economy amidst epileptic Power Supply.

The reason for the foregoing view cannot be farfetched as industrializing an economy requires a stable and reliable power supply. Without it, the futility of such efforts becomes evident due to several key factors.

For instance, unstable power supply often forces industries to rely on alternative power sources like generators, which are more expensive. This increases the overhead costs, making products less competitive in the market.

Given the foregoing, there is no denying the fact that increased production costs lead to reduced productivity as frequent power outages disrupt manufacturing processes, leading to lower productivity and efficiency. This can result in missed deadlines and reduced output.

In a similar vein, increased production costs discourage investment due to the uncertainty that is associated with an unreliable power supply. For instance, both domestic and foreign investors would be compelled to seek predictability, and power instability introduces risk that many are unwilling to take.

Not only would epileptic power supply stimulates technological setbacks, particularly as it is crystal clear that modern industrialization relies heavily on technology, which in turn depends on a consistent power supply, power fluctuations can damage sensitive equipment, and lead to additional costs for repairs and replacements.

In fact, environmental and health concerns deepen when industries resort to using fossil fuels for power generation due to electricity shortages, and on the other hand also leads to increased pollution and associated health risks.

Above all, the retrogressive situation could lead to economic instability as high production costs and low productivity can contribute to inflation, while lack of investment can stifle economic growth.

Without any iota of exaggeration, an unstable power supply undermines the very foundation of industrial growth, leading to a cycle of economic inefficiencies and missed opportunities for development. In fact, it is incumbent on Mr. President to address the ongoing power crisis that has unprecedentedly become worse since he assumed office on May 29, 2023 as addressing the situation would harness the full benefits of industrialization which he promised to engender under his administration, particularly as he strongly emphasized on it during the period of his campaign.