Abuja Hilton Hotel
and Conference Centre
“’ venue for the summit
Abuja, Nigeria — ESI-AFRICA.COM — 18 November 2010 – The current power situation in Nigeria has stagnated economic development and constitutes a major setback to the country’s quest to measure up to its peers such as Brazil, Indonesia and Malaysia.

In an interview with newsmen here on the forthcoming Nigerian Energy and Power Summit, principal partner Stanley Austin of Africonomie “’ the conference organisers “’ said it was no longer news that many companies had stopped production in Nigeria due to lack of power, and joined the ‘import club.’

“The cost of these industries shutting down is enormous, but we’ve not taken count of the losses. With each factory that shuts down, job losses are immediate, and in Nigeria where each worker feeds several other dependants, the poverty index keeps rising. Until we get a good grasp of the power problem, the talk about vision 20:2020 is a pipe dream," he maintained.

“Nigeria would not be experiencing the present power problem if it had allowed private companies to participate actively in the power sector,” Austin said. “If this had been encouraged earlier, competition would have revolutionised the sector, accompanied by massive job creation and subsequent industrialisation,” he added.

Austin said the Nigerian Energy and Power Summit “’ scheduled for the 25th and 26th of November “’ would prove an unparalleled opportunity to stakeholders, licensees of generation, transmission and distribution companies, investors from all over the world, international financial institutions and regulators to hold a forum where relationships could be properly consummated.