A recent research has shown that more than seventy million people can be lifted above poverty level if there is sufficient access to electricity across the country.
Siemens Nigeria’s Chief Executive Officer, Mr. Onyeche Tifase who made the observation in Lagos on Thursday noted that Nigeria has the potential to achieve 7.0 percent gross domestic product, GDP, growth rate.
According to Mr. Tifase, deployment of smart metering technology and sophisticated tracking systems to pinpoint illegal connections; increased collaboration between power sector operators and trusted global suppliers, are factors that will determine the achievement of sufficient access to electricity for all Nigerians.
“International studies suggest that Nigeria could potentially achieve over seven per cent annual GDP growth, making it a top-20 economy by 2030 with GDP of more than $1.6 trillion, four times the current GDP,” Tifase said
“This translates into 70 million people being moved above the poverty line in little more than a decade. But the fact remains that this potential will never be realised without sufficient access to end-to-end electrification, which is the backbone of any thriving economy. This includes power generation, transmission, distribution and the efficient application of electrical energy through automation.”
The Siemens chief noted though 60 per cent of Nigeria’s 182 million population has access to electricity, the majority of the power is generated by an aging and inefficient grid that loses 8.6 gigawatt, GW, which represent 69 per cent of the country’s 12.5 GW installed capacity.
“These substantial losses are a result of inefficient controls, monitoring technology and outdated infrastructure,” he continued.
“Investment in proven end-to-end electrification technology will directly tackle the scourge of unemployment, poverty, and inequality, creating an inclusive and prosperous Nigeria. With uninterrupted access to electricity, businesses are more productive, hospitals provide better medical care, children receive a better education at school, and homes are safer and more comfortable,” he said.”
Tifase stressed that with uninterrupted access to electricity, businesses will be more productive, hospitals would provide better medical care, children will receive a better education at school, and homes will be safer and more comfortable.
“To make electricity more easily accessible to the whole population, power generation capacity must be ramped up and streamlined,” he concluded.
Other observations has mapped out reasons – apart from corruption, behind the epileptic power supply in Nigeria and so far they include:
- Ageing Power Plants – loses efficiency thereby reducing output capacity of the plants.
- Inadequate Funding – his problem is caused by both the government and the consumers; indifferent attitude of government; and individuals who do not pay their electricity bills needed to fund the sector.
- Vandalisation – of gas pipelines constitute to low distribution of the mineral needed by electricity distribution companies.
- Poor Maintenance of energy assets.
- The sub-optimal utilization of fuels in the power plants have