Energy Nigeria’s biggest problem – Economist, Williams

An economist, Derego Williams, said the energy sector has remained Nigeria’s biggest challenge.

Williams disclosed this on Wednesday during a Channels Television interview monitored by Newspot.

He said the lack of adequate power supply, increased fuel and diesel costs are the biggest impediments to the country’s manufacturing sector.

He urged President Bola Tinubu’s administration to pay serious attention to the energy sector.

Williams added that the government must work on unifying the foreign exchange market to end the forex crisis.

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“Nigeria’s biggest economic problem is energy; the claim that the country’s economy is the biggest in Africa is a myth. Nigeria is second or third in Africa because our per capita to Gross Domestic Product is too low. South Africa is about $5,000, but that of Nigeria is about $1000 or $2000”, he stated.

Newspot reports that Nigeria’s GDP per capita for 2022 was $2,184, and that of South Africa is $6,694.36.

Meanwhile, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, unveiled President Bola Ahmed Tinubu’s eight-point agenda to move Nigeria’s economy forward.