The association also urged its members to apply the principle of currency diversification to mitigate the risk of fluctuations due to uncertainties from socio-economic and political development in the United States and in Europe.
ABCON, in its Economic Report for the first quarter of 2019, noted that Nigeria’s score of 35 in terms of ease of getting electricity, as indicated by the World Bank Ease of Doing Business report, is lower than the average for Sub-Saharan Africa and much lower than the other comparable middle-income countries, with South Africa having a score of 63 and India having 85.
It stressed that access to stable electricity is one of the key challenges and constraints for doing business in Nigeria and hence a critical area of focus for the government in order to sustain ongoing economic recovery.
“Weighing on the emergence of Nigeria from a recession in 2017, the country’s continued economic recovery will be slow, according to a new economic analysis. However, the analysis showed, labor-intensive sectors remained weak, which contributed to an increase in the rate of unemployment and underemployment throughout 2018 into Q1 2019.
“Level of poverty is also believed to have increased notwithstanding the exit from recession. The reviews have identified the power sector as a critical area that government should focus attention to sustain the economic recovery.
“With the electoral victory of the incumbent government, ABCON review is recommending attention in the following sectors for full recovery from the recent recession: Radical implementation of the power sector reform program to ensure access to stable electricity supply for businesses and comprehensive diversification of the economy,” President, Dr. Aminu Gwadabe, noted.