x

Lack Of Electricity Killing Nigerian Industries – Adesina

President of the African Development Bank Group, Akinwumi Adesina, on Tuesday lamented that a paucity of energy was negatively affecting the growth of Nigerian industries.

Adesina made the comment while speaking at a meeting organised by the Manufacturers Association of Nigeria (MAN) in Abuja.

“Today, no business can survive in Nigeria without generators,” Adesina said. “Consequently, the abnormal has become normal.

“Unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain uncompetitive.”

Also speaking at the meeting was the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala.

Dr Okonjo-Iweala noted that trade was a key part in the global economy recovery and called for more support for micro, small and medium enterprises.

“Poor countries need access to bigger markets to grow rapidly,” she said. “With trade projected to grow at 10.8 percent this year, more than twice as fast as GDP, external demand will far outpace domestic demand for many countries, especially those on the wrong end of the k-shaped recovery.

“For Manufacturers, trade is also important because they need better access to imports as well as competitive logistics and other services critical to international competitiveness.

“Digital is very important here, especially for young Africans and the businesses they create; many businesses have been able to weather the pandemic because they were able to access the Internet and sell online.

“We should work harder, first to understand the barriers facing micro, medium and small enterprises in global trade and then to lower these barriers.

“At the WTO, different groups of members are seeking to do just that. One group is working on an e-commerce agreement. Another is working on empowering MSMEs to trade; and a third is working on lowering barriers facing women in global economic trade.”

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Ododo to Officials: Prioritise Grassroots, Local Support

By Noah Ocheni, Lokoja The Kogi state Governor, Alhaji Ahmed...

Ododo Clears ₦98.8bn Kogi Debt

Gov. Ododo Offsets 98.8 bíllion debts inherited from Ex-govs...

oborevwori to Aides: Perform or Be Replaced

By Anne Azuka  Governor Sheriff Oborevwori of Delta State has...

I Will Support “Asiwaju” To Win ln 2027, Wike Fires Back At PDP

By Joyce Remi-Babayeju The FCT Minister, Barr Nysome Wike, has...

Amaechi is Hungry For Power, Not Influential Politician – Wike

By Joyce Remi-Babayeju The FCT Minister Barr Nysome Wike has...

2025 Ballon d’Or: 3 PSG Stars Emerge as Top Contenders Ahead of Lamine Yamal, Raphinha

Paris Saint-Germain’s historic UEFA Champions League triumph has positioned...

Daniel Etim-Effiong Shares How Rejection Led Him to Marry His Wife, Toyosi

Nollywood actor Daniel Etim-Effiong has revealed that he married...
spot_img

Related Articles

Popular Categories

spot_imgspot_img