Kemi Adeosun blames western countries for Nigeria’s power failure 

Finance Minister , Mrs Kemi Adeosun, has accused western powers of being a stumbling block to Nigeria’s plan to improve power output through the use of coal.

Adeosun, according to the News Agency of Nigeria (NAN), said this on Wednesday, in Washington DC, United States, during a discussion on the importance of addressing infrastructure gaps in developing countries at the World Bank, International Monetary Fund General Meetings.

She said though improving power supply was the cornerstone of the current administration’s goal towards economic development, yet the government was finding it difficult to get support from western community.

“We want to build a coal power plant because we are a country blessed with coal, yet we have power problem. So it doesn’t take a genius to work out that it will make sense to build a coal power plant.

“However, we are being blocked from doing so, because it is not green. This is not fair because they have an entire western industralisation that was built on coal fired energy.

“This is the competitive advantage that was used to develop Europe, yet now Nigeria wants to do it, they say it’s not green, so we cannot.

“They suggest that we use solar and wind, which is more expensive. So yes, Africa must invest in its infrastructure, but we must also make sure that the playing field is level,” she said.

Adeosun said in spite of the need for foreign borrowing to finance the country’s infrastructure gap, the strategy was to get the cheapest money.

She said Nigeria’s debt to GDP remained very low, but that the cost of servicing those loans was high.

“Right now, we are being very conservative about our debt and we are trying to get the cheapest money possible from multilateral agencies.

“We are working very hard to make sure that we get multilateral funds first before we go to the euro bond market, which is a little bit more expensive,” she said.

Director, Fiscal Affairs Department, IMF, Mr Vitor Gaspar, at a news conference, said the debt was 225 per cent of world GDP.

The report showed that $100 trillion was debt of the private sector, while the remaining was public debt.

To address the growing problem, the report suggested targeted fiscal interventions in form of government sponsored programmes to help restructure private debt.


3 thoughts on “Kemi Adeosun blames western countries for Nigeria’s power failure 

  1. This is on point. It is also pertinent to add that we must learn how to use our naturally endowed resources to solve our problems. The western world want to keep growing their economies and Nigeria is a very big market for all sorts of exports. They’ll want us to buy their batteries and solar panels rather than allowing us harness our mineral deposits (coal). Why haven’t they stopped oil exploration, gold and diamond mines? I like the fact that the minister looked them straight in the face and told them the bitter truth.


  2. Nigeria must go ahead to develop her power sector using coal. That’s the diversification we’re talking about. Industrialization is a major agent of pollution; we cannot stop that but we can control it. The western world should first and fore most repent from building destructive nuclear plants before telling us not to build coal power plants. Once it’s not coming from them, then it’s evil and they’ll always dictate the moves and the pace for Africa.


  3. Commendable, we have to spend conservatively. The coal mines are there and with enough coal to power the nation and more. Investing in gas, solar or even wind mills is going to cost us a lot of money. Kemi Adeosun is clearly thinking about this country.


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