An expert on globalisation and emerging markets on Tuesday highlighted the importance of electricity in moving a nation forward.
Dr Anil Gupta, who was one of the speakers at The Platform, a programme convened by Pastor Poju Oyemade of Covenant Christian Center, stressed that Electricity is the lungs of the economy of a nation and without it; it is difficult to record progress.
He also stressed that electricity is a major aspect of Nigeria’s infrastructure which needs to be considered by the government.
“The seeming most important aspect is electricity. Roads, highways and other segments of infrastructure are important but electricity, I will put ahead of these.
“If we look at the Industrial revolution that made America and Europe rich, starting from the early 19th century its really that the lungs which gives power to the body. It was steam engines first and electricity next.
“So, without the power, the lungs of the economy it is very difficult, it is impossible to march ahead.”
Gupta also lamented that “The electricity produced in Nigeria is very inadequate and obviously that is a segment of infrastructure where the government has almost always has played a major role.”
Making reference to statistics and estimates, he said Nigeria will experience development if electricity is given proper and adequate attention.
Financial Times statistics show that the Manufacturers Association of Nigeria spends 40% cost of production on power, Gupta said, if this is not promptly curtailed by Nigeria’s government it will “act as a constraint in terms of development.”