The Managing Director of Financial Derivatives Company, Mr Bismarck Rewane, says that reforms in the Nigerian power sector are essential and cannot be ignored if the country is to achieve meaningful growth, describing the industry’s crisis as an economic threat.
Delivering a keynote address at the 2026 Economic Summit organised by the Redeemed Christian Church of God, Christ the Lord Parish, Lekki, Lagos, themed “Positioned for Advantage in a Shifting Economy,” Rewane noted that Nigeria’s economic aspirations would remain mere “pipe dreams and wishful thinking” without decisive improvements in electricity supply and distribution.
“The point is that economic productivity in Nigeria must increase; it will be driven by power, agriculture, and manufacturing and most importantly, fintech and telecommunications,’’ he said.
According to Rewane, power sector reforms are critical and that electricity supply directly affects business productivity, particularly for small and medium-scale enterprises.
He observed that many SMEs are currently forced to rely on diesel and petrol at high costs due to the ongoing Middle East crisis, which has persisted for about four weeks.
He added that these businesses are unable to immediately transfer rising costs to consumers, who are already grappling with stagnant wages, while artisans engaged in activities such as milling and vulcanising are also struggling under the burden of an inadequate power supply.
From this perspective, he described power as a key driver of national development and progress, adding that from 1999 to today, Nigeria has committed nothing less than $30bn to power, $16bn of it during the period of former President Olusegun Obasanjo.
Despite this level of investment, he pointed out that Nigeria generated about 5,000 megawatts in 1999 and that Nigeria is currently struggling to maintain a supply of 4,000 megawatts.
He urged the government to urgently implement planned reforms and overhaul the sector.
Local media reports stated that some panelists at the hybrid event, Nike James, Sola Adesakin, Chidi Okpaluba, and the moderator, Uwa Osa-Oboh, also offered practical recommendations on how Nigeria can better position itself in a changing economic environment.
They emphasised the importance of investing in agriculture, manufacturing, fintech, human capital, and infrastructure to unlock growth opportunities for citizens.
From an SME perspective, Dr Chidi Okpaluba said, “We need an identity shift, unfortunately, the world does not treat you as you want to be treated. The world does not give you what you want, but the world gives you what you are, so we need an identity shift.”
Speaking on personal finance and wealth creation, Mrs Sola Adesakin urged the participants at the summit to explore opportunities in the Nigerian stock market, pointing to its recent growth.
’Shares are going up,” she said, stressing that value and promotion will accrue to those who consistently deliver value.
GIK/APA