Independence: “Power remains a huge problem” in Nigeria

President Muhammadu Buhari

President Muhammadu Buhari has said power remains a huge problem in Nigeria despite the fact that energy production has reached an all-time high of 7,001 Megawatts as of September 12.

President Buhari stated this in his broadcast to mark Nigeria’s 57th independence anniversary on Sunday in Abuja.

He, however, said that government was increasing its investment, clearing up the operational and financial log jam bedevilling the sector.

“We hope to reach 10,000 Megawatts by 2020.

“Key priorities include better energy mix through solar and hydro technologies. I am glad to say that after many years of limbo, Mambilla Power Project has taken off,’’ he said.

President Buhari also announced that a new presidential initiative that would create a minimum of 10,000 jobs for unemployed youths across 36 states of the federation and Federal Capital Territory (FCT) would be soon inaugurated with the aid of CBN’s development finance initiatives.

He noted with delight that the country had recorded seven consecutive months of lower inflation.
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“Naira rate is beginning to stabilize, appreciating from N525 to one dollar in February this year to N360 today.

“Broad-based economic growth is leading us out of recession.

“Elsewhere in the economy the special window created for manufacturers, investors and exporters, foreign exchange requirements have proved very effective. Since April, about seven billion dollars has come through this window alone.

“The main effect of these policies is improved confidence in the economy and better investment sentiments.”