The Lagos Chamber of Commerce and Industry (LCCI) has reiterated the urgent need for the federal government to decentralize power generation and create an enabling environment that allows states to develop their own electricity infrastructure.
Speaking on the critical role of electricity in national development, the LCCI President emphasized that Nigeria's vision of becoming a $1 trillion economy may remain out of reach unless the power sector is overhauled to perform at optimal levels.
He noted that the current state of electricity supply is a major barrier to productivity, particularly for small and medium-sized enterprises (SMEs) who rely on stable power to sustain their operations.
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"Without fixing the power sector, our economic goals will remain a dream," he warned.
He also urged the government to remain committed to the commercial partnerships it has signed with renewable energy investors, saying these investments are key to driving innovation and sustainable energy solutions across the country.
According to him, the government must fast-track the issuance of required licenses, ensure a robust and competitive regulatory environment, and actively promote local content in renewable energy projects.
"These steps will not only attract more investment into the energy sector but also empower SMEs with the reliable electricity they need to thrive," he said.
