FG must improve power supply to boost productivity – Expert

An economist, Prof. Evans Osabuohien, has urged the Federal Government to intensify efforts to improve power supply so as to boost the productivity of Small and Medium Enterprises (SMEs).

Osabuohien, Head of Department of Economics, Covenant University at Ota in Ogun, told the News Agency of Nigeria (NAN) on Monday in Ota that improved power supply was highly needed.

He said the only way to increase production and halt the country’s growing inflation rate was by ensuring stable power supply for small enterprises to produce.

“If the small enterprises can effectively produce through improvement in power supply, this will make them to employ and the economy will grow.

“In addition, let us increase our production so that we can export some of the products to earn foreign exchange to boost our foreign reserve,” the economist said.

Osabuohien pointed out that no nation could achieve a sustainable economic growth without stable power supply.

He advised the Federal Government to be cautious in implementing fiscal and monetary policies.

The economist noted that the economy had been badly affected in recent times through the removal of fuel subsidy, unification of exchange rates and devaluation of the Naira.

“I want the Federal Government to expedite action in putting palliative measures in place to cushion the effect of those hard measures and ameliorate the sufferings of the masses,” he said.