President Muhammadu Buhari on Saturday said his administration had commenced what he called the comprehensive overhaul of the nation’s power sector.
He said the decision was taken because Nigeria, like many other African countries, was facing power shortages that have impacted negatively on its growth potential.
Buhari disclosed this in a statement he made at the United Nations Industrial Development Organisation’s event held on the sidelines of the ongoing UN General Assembly holding in New York.
He expressed the belief that industrialisation cannot take place without reliable power.
The President said, “For us in Nigeria, we are placing emphasis on diversification of our economy using Small and Medium Enterprises, energy and mining sectors and agro-allied industries.
“Specifically, we can attest to the viability of small businesses to boost growth and create more jobs for the youth and serve as the precursor of full industrialisation.
“Nigeria and many other African countries are facing power shortages which have impacted negatively on our growth potential.
“Industrialisation cannot take place without reliable energy infrastructure. We are, therefore, working on a comprehensive overhaul of our power industry.
“For industrialisation to be attained, Africa must adopt practical policies and strategies. We need to safeguard the interest of local production in an era of rampant globalisation. We also need to enhance regional and cross border cooperation,” he said.
At another separate event, Buhari stressed the need for youth employment.
“Employment for our teeming youths should, above all, be addressed to ensure social peace and general well-being of our countries,” he said.