By: Erewunmi Peace

Renowned economist Bismarck Rewane has issued a strong call for urgent reform in Nigeria’s power sector, warning that the country cannot experience meaningful economic growth without stable electricity.

Speaking on Channels Television’s Business Morning today, Rewane emphasized that persistent electricity outages are undermining productivity across key sectors of the economy, particularly in states like Lagos and Ogun, which together account for nearly 30% of Nigeria’s GDP.

“You cannot grow the economy, you cannot industrialize, you cannot make any progress without a broad power solution,” Rewane said. “Lagos is without electricity, Ogun State is without electricity. Both states are about 30% of GDP. So there’s a GDP loss and erosion of confidence.”

He added that recent power failures have exposed critical weaknesses in Nigeria’s infrastructure and called for immediate, structural solutions beyond temporary fixes.

Rewane also addressed recent International Monetary Fund (IMF) projections, which raised Nigeria’s 2025 GDP growth forecast to 3.4%—a slight increase that he says will remain fragile without consistent electricity and deeper reforms.

Why This Matters:

Power supply is central to industrial growth, digital transformation, and economic stability.

Nigeria has faced repeated blackouts, with national grid collapses causing significant losses to businesses and households.

Investors and citizens alike have long demanded a power sector overhaul to support sustainable development.

What Experts Are Saying:

Energy analysts agree with Rewane’s stance, noting that the transmission and distribution sectors remain bottlenecks in Nigeria’s energy value chain. Despite government efforts at privatization, regulatory gaps and poor infrastructure continue to hinder progress.