NIGERIA’S ENERGY
SECTOR’S LEVERAGE FOR EONOMIC DEVELOPMENT.
BY
RAHEEM SHEFIU
CENTRE FOR ENTREPRENEURSHIP
DEVELOPMENT,CED,
YABA COLLEGE OF TECHNOLOGY,
YABA, LAGOS, NIGERIA.
ABSTRACT
Energy is the
oxygen that the Nigeria’s economy needs for greatness. The energy sector plays a major role in economic
transformation of a country, a driven force behind a sustainable economy. The
projected growth of an economy depends heavily on the performance and growth of
the power sector.
Various policies that promote a secure, competitive,
and reasonably priced energy supply will help attract, retain, and expand the
growth of an economy. Access to
clean modern energy services is an enormous challenge facing the African
continent because energy is fundamental for socioeconomic development and
poverty eradication. Today, 60% to 70% of the Nigerian population does not have
access to electricity. There is no doubt that the present power crisis
afflicting Nigeria will persist unless the government diversifies the energy
sources in domestic, commercial, and industrial sectors and adopts new
available technologies to reduce energy wastages and to save cost. Nigeria.
Energy efficiency leads to important social benefits, such as reducing the
energy bills for poor households.
In
other to sustain this economic development, additional energy resources,
including electricity generation and infrastructure improvements, must be
effectively utilized. Energy is one sector with great impact in the economy;
the energy sector can influence the economic development mainly in two ways,
Capacity for large investments and price of energy, the investments in the
energy sector can stimulate national enterprises and the industrial capacity,
while the price of energy is pervasive to all sectors and influences the competitiveness of the country.
Energy is an essential ingredient for economic
development. As both agricultural and industrial activities increase, the
demand for energy similarly increases. In the developing world provision of a
greater access to energy has been suggested by some that will help grow their
economies and improve the lives of the poor. The energy supply mix must thus be diversified through
installing an appropriate infrastructure and creating full awareness to promote
and develop the abundant renewable energy resources present in the country as
well as to enhance the security of supply .The Petroleum Industry Bill(PIB)
when it becomes a law will also bring about to a great extent the desired
revolution needed in the Nigeria.s energy sector which will engender a
prosperous nation.
Keywords: Energy sector, Energy
sources, Energy reforms, Economic growth
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