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Buhari restates commitment to steady power supply to SMEs

By on October 21, 2015

President Muhammadu Buhari has reiterated the commitment of his government to ensure that the country’s electricity sector would eventually drive the promising growth trajectories of small and medium scale enterprises (SMEs) in the country.

Buhari, who spoke through the Permanent Secretary in the Ministry of Power, Dr. Godknows Igali at the 5thNigeria Alternative Energy Expo (NAEE 2015), which was recently held in Abuja, explained that SMEs have become the bedrock for most national economic development, hence the decision of his government to channel more electricity to keep them afloat and profitable.

The president also expressed optimism that despite the sector’s contemporary challenges, it still has so much opportunities, which investors can leverage on to stabilise electricity supply to SMEs.

He noted that government would continue to make the right decisions to attract massive involvement of private sector investments in the power sector to drive the country’s economic development.

“Government is committed to establishing a level playing ground for all interested investors, with encouraging policies and incentives that would leap frog socio-economic growth and development of the country and to complement and support the global investors’ interests shown to issues around energy,” Buhari said.

He further stated that genuine investors in the sector would also gain his government’s backing with generous duty free levy on all power project components, as well as tax-holidays.

Buhari charged the investors, “to go into renewal energy projects, so as to help fill the gap by lighting up our homes, environment and our businesses,” adding that in line with international best practice, renewable energy sources have remained quite economical to deploy in the long run.

He stated 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.  For instance, the Bank of Industry is already working with the ministry to fast-track credit lines for renewal energy projects, also Total Oil has a robust plan to develop solar powered equipment that would be used more in the rural area that are off the grid system,” he said.

Similarly, the French Envoy in Nigeria, Ambassador Denys Gauer disclosed at the occasion that France would be lending its help to African countries including Nigeria to increase rural access

 

[ThisDay]