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"Power to transform Nigeria into economic hub"

16 October 2013, 15:59Okoro Chinedu

Lagos - Organisers of the recent Power Investors Summit Nigeria are upbeat at the country’s long term economic prospects if investments in the power sector are maintained.

Clarion Events, the organisers of the two-day event, forecast the subsequent significant growth in a number of industries that are dependent on the sector as well as employment creation.

“Looking at Nigeria 20 years from now what will we see; an economy with a booming construction industry underpinned by the housing market, a minerals sector which is maximising opportunities for local entrepreneurs by not just exporting, but by supporting industrial manufacturing industries such as steal, glass iron and oil and gas (imagine if Nigeria could position itself as a petrochemical manufacturing hub for Europe with abundant feedstock and a vast local market as a buyer, millions of jobs would be created as would hundreds of millionaires). All this aside, without power and access to energy this will only be a dream,” the organization stated.

“In short, Nigeria has turned a corner, no longer a country driven by the corrupt and the workshy, Nigeria has woken up to the simple fact that by embarking on a mission to legitimise its economy and to create a manufacturing Mecca, the rewards will far outweigh those that corruption can bring. Inspired by not only a President (Goodluck Jonathan) with a mission to legitimise Nigeria’s economy, the Governors of all states are seeing the potential and all will be equal partners in success should it be realized both politically and financially.”

Recently, investors in the country’s power sector gathered to showcase the opportunities arising out of Nigeria, viewed as the most dynamic and exciting economy.

The next edition of the Power Investment Summit series is scheduled for March. Organisers said the event would maintain momentum in Nigeria’s power sector.

The event will come on the back of government handing ownership of the state electricity company to private buyers, completing one of the final stages to privatise the industry and end years of power shortages

– CAJ News


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