- Verheijen unveils strategic efforts at NIES to tackle power challenges.
- Energy poverty hinders economic growth and affects businesses and job creation.
At the 7th Nigeria International Energy Summit (NIES) in Abuja on Friday, March 1, 2024. Olu Verheijen, the Special Adviser to the President on Energy, unveiled the administration’s strategic efforts. Verheijen emphasised the need to tackle power challenges hindering access to reliable electricity.
Also to underscore its detrimental impact on economic growth. She revealed stark disparities in annual kilowatt-hour consumption among African nations, with Nigeria trailing behind.
She highlighted the correlation between energy poverty and economic development and emphasised its adverse effects on businesses, job creation, and income growth. Verheijen pointed out that Nigeria’s commercial and industrial sectors have long grappled with high operational costs and limited productivity due to unreliable power supply.
Moreover, she stressed the profound implications of energy poverty on households, particularly in education and health outcomes. With over 70% of Nigerians living below the international poverty line, access to clean and reliable energy remains a luxury for many, exacerbating revenue challenges faced by utilities.
Verheijen concluded by reaffirming the administration’s commitment to addressing systemic issues in the power sector. This will help to bolster economic growth and improve livelihoods across the nation.