Govt hinges industrial sector’s survival on regular power supply

THE Federal Government has said that the survival of the country’s industrial sector depend on the availability of regular electricity in the country.

President Muhammadu Buhari, therefore, pledged his administration’s resolve to enhance the growth of the power sector by using it as the main driver of development of small and medium enterprises.

Speaking in Abuja recently, Buhari noted that Small and Medium Enterprises (SMEs) are the bedrock for the development of any society, hence the performance of the power sector therefore is paramount to the survival of the industrial sector.

Buhari, who was represented by the Permanent Secretary, Power, Amb. (Dr.) Godknows Igali, expressed optimism that opportunities abound in this sector, despite the challenge, as such government is doing everything possible to attract massive involvement in the power sector just as it reiterated that Government will ensure regular and steady electricity supply for a viable and sustainable development.

He promised that Government will continue to encourage genuine would-be investors with generous duty free repine for all power project components, in addition to tax-holiday and restriction reparation of profits by investors.

He therefore challenged “investors to go into renewal energy projects, so as to help fill the gap by lighting up our homes, environment and our businesses”.

He stressed that in line with international best practice, renewable is the way to go, although it might be expensive initially, the near nil maintenance cost will make renewable cheap in the long run.

He averred that renewal energy offers enormous business opportunities for young people especially in the rural areas. As Electro Entrepreneurs, young people should take advantage of Government initiatives designed to assist them.