IMF To Nigeria:Halt Generator Use Now

4 years ago
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Nigeria Economy Can't Fully Recover Before 2022 - IMF - Nigeria Business  Information
The International Monetary Fund has advised Nigeria to halt the use of generator in the country,saying it’s harmful and inefficient.
The international agency also emphasized the need for the country   to solve its power problem which has made the cost of doing business very high.
Abebe Selassie, the Director, African Department, IMF, Abebe Selassie, gave the advice  at  a press briefing on regional economic outlook, Sub-Saharan Africa
He said:“In the case of Nigeria, ensuring that the country enjoys or unleashes its tremendous potential requires reforms in three areas, in our view.
“I think first and foremost is that more fiscal space needs to be created through domestic revenue mobilisation to pay for investments in health, in education, in infrastructure, which Nigeria swiftly needs.
“Second, I think reforms in the energy sector are going to be paramount. The cost of doing business is very high on account of the inefficiencies in the energy sector, power supply interruptions, and the famous recourse to the use of highly inefficient and harmful generator up and down the country.
“Again, getting power supply, getting policies to make sure that Nigeria resolves this problem once and for all, I think, is also paramount. And thirdly, macroeconomic policy calibration, things like creating deep and liquid foreign exchange markets will be important.”
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