THE President of the African Development Bank, Dr. Akinwunmi Adesina says the private sector in Nigeria is greatly affected by the high cost of electricity in the country.
Adesina made this statement on Saturday while calling on the Nigerian authorities to fix the epileptic power.
“For faster growth, Nigeria must fix the issue of power decisively once and for all,” he stated during a presidential inauguration lecture in Abuja.
He said there is no justification for Nigeria not having enough power.
“The abnormal have simply become normal. Nigeria’s private sector is hampered by the high cost of power. Providing electricity will make Nigerian industry more competitive, especially within the context of the African Continental Free Trade Area,’’ Adesina added.
Adesina also spoke on the tax drive, urging the Federal Government to increase the tax generation in the country.
He said that the government needs to move from tax exemption to tax redemption and also ensure that multinational companies pay appropriate royalties and taxes.
The AfDB boss also wants the Nigerian authorities to block tax leakages in revenue collection.
“Nigerians therefore today pay the highest implicit taxes in the world. The government needs to ensure an effective social contract by delivering quality public service.
“It is not the amount collected, it is how it is spent and what is delivered. Nations that grow better run effective governments that assure social contract with their citizens.
The former agriculture minister made a case for a reduction in the cost of governance in the country, saying that governance cost should be “drastically reduced to free up more resources for development”.