The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has reiterated the commitment of the federal government to full implementation of its Economic Recovery and Growth Plan (ERGP).
The minister disclosed this weekend in Lagos, while delivering a lecture entitled: â€˜Nigeria in the Race to Global Competitiveness: Threats, Opportunities and the Way Forward,â€™ organised by the Warwick University Nigeria Alumni Association 2017 annual reunion dinner.
Enelamah said the economic recovery plan focuses on achieving aseven per cent economic growth in 2020.
He stressed that the challenge for the administration was the execution of the plan.
The minister also said that the federal government was committed to addressing the huge infrastructural deficit in the country, saying there was need to take a cue from the example of China which he said began early to build infrastructure.
According to the Minister, â€œInfrastructure is the key to industrialisation. Even if we must borrow to fund infrastructure, we should do it. The power situation in Nigeria is complex and unless you attack it in very robust way, it will not be easy to tackle.
â€œBut the challenge is that there is a power reform plan. It is very comprehensive and we worked on with the World Bank. We accepted it as a document and presented it to the Federal Executive Council (FEC) and they have adopted it. It is now being implemented.
â€œAlso, the industrial council is facing the same thing. They are trying to find out what are the power alternatives we can embark on. If you look clearly, you will find out that there are power alternatives for industries, beyond what the Distribution Companies (DISCOs) are doing and trying to address the transmission problems.â€
He added: â€œThe challenge here for us is that we have to find creative ways to bring capital and capacity to the power sector to overwhelm the problem. Some people will argue that the original privatisation of thepower distribution companies (Discos) was not sufficient enough especially in terms of capital, and technical know-how and this is been looked into.
â€œWhile the solution so far may have been incremental, I hope that it will accelerate going forward, as we come to the realisation of this multifaceted approach we need to press on.â€