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“Of Nigeria’s 180 million people, over 50 million have no power” – Vice President

In his keynote address at the Financial Times Africa Summit holding in London, Vice President, Prof Yemi Osinbajo has said on Monday that “of Nigeria’s 180 million people, over 50 million have no power”.

He stated that the present administration has put in efforts to diversify power sources in order to improve access to electricity, adding that it had started a programme of providing solar power in 20,000 homes in rural communities.

The Vice President mentioned that the Federal Government invested N1.3trn in infrastructure in 2016 saying that the Government was ready to increase the figure in the 2018 budget.

“Strong visionary leadership committed to good governance has proved to be critical where our economies have recorded successes”.

“Nigeria earning 60% revenue less than five years ago, last year invested N1.3trn in infrastructure, the largest capital spending in its history and will increase that in the 2018 budget”.

Prof Osinbajo cited Ethiopia’s light rail, Rwanda’s infrastructure and Ghana’s increased GDP as examples of good governance to the people.

“Good governance and prudent management of resources means that you can do more with less. Ethiopia delivered its light rail and within Addis Ababa ahead of schedule and with no cost overruns”.

“Rwanda has shrugged off the tragedy of the genocide of barely 20 years ago, delivering on infrastructure and earned its place as the second easiest place to do business in Africa”

“Ghana is galloping away with GDP growth figures this year of nine percent”.

He maintained that the Government is determined and optimistic that Nigeria wil,l alongside the rest of the continents, bring about an Africa that works for its entire people and contributes to global growth and prosperity.

The Vice President concluded saying:

“three lessons that Africa has learnt in the past few years, first diversification from resource based revenues, second private sector and markets are key and third creating the right environment is not optional”.

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