Nigeria does not have the energy to implement its industrialisation goals, a development which has slowed down its economic growth, the World Bank has said. The bank, in its report titled: Inadequate energy supplies and its implications on African economies, said electricity shortage has hindered Nigeria from meeting many of the goals outlined in its economic recovery plans.
The report, dated 2017, listed the goals to include creation of employment opportunities for the skilled and unskilled workforce, increasing manpower among industrial workers, provision of healthcare facilities, building of schools, among others. It added that the Federal Government has not been able to meet these goals due to irregular supply of electricity in Nigeria.
In a speech delivered at the 15th edition of Future Energy Nigeria Conference in Eko Le’ Meriden Hotel, Victoria Island, Lagos, Rosatom Corporation’s Southern and Central Africa CEO, Mr Dmitry Shornikov, said the bank has given a firm verdict on the Nigerian power situation, urging the Nigerian and Russian governments to speed up the process of generating nuclear energy for growth.
Source: The Nation