Following the recent global plunge in oil prices, which was occasioned by Covid-19 pandemic, the CEO of a power generating company, Century Power Generation Ltd, Dr. Chukwueloka Umeh, has stated that there is no better time than now for the Federal Government to take definitive and courageous steps towards diversifying the Nigerian economy.
Speaking during an online interactive session with the media, Umeh said it is still unthinkable that it still grapples with power generation and distribution issues in spite of millions of dollars spent on foreign experts.
He said, “In the face of the cyclic oil prices, we must now see a Nigeria without oil and immediately start diversifying into agriculture and manufacturing. In order to do this successfully, the gas and power industries need to be unshackled and supported to encourage substantial private investments and growth.
“Nigeria should essentially be a gas-producing country that happens to produce some oil. It is time to do things differently. We should stop the endless committee meetings, conferences and engagements. Pick a set of regulations, such as the ones that birthed the only project-financed power plant in Nigeria to date, Azura power, respect contracts and the rule of law to give local and foreign investors comfort, and just get it done,’’ he said.