• Wednesday, June 12, 2024
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Multi-sectoral collaboration key to fixing power, economic challenges- Experts

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Some economic experts have emphasised the need for multi-sectoral collaborations to transform the nation’s power dynamics and solve other economic challenges.

They spoke at the Nigerian-British Chambers of Commerce (NBCC) May Breakfast Meeting in Lagos.

The NBCC breakfast meeting has its theme as: “Transforming Nigeria through Multi-sectoral Collaboration”.

Tinuade Sanda, Managing Director, of Eko Electricity Distribution Company (EkEDC), said the multi-sectoral collaboration would provide the synergy, interdependence, unity and diversification of ideas necessary to achieve the best for the Nigerian economy.

According to Sanda, the diverse sectoral contributions that were excellently explored will galvanise growth, development and economic transformation.

She said that possible multi-sectoral collaborations to drive economic development and address some challenges include agriculture and technology, education and industry, and healthcare and technology.

Others, she said, were renewable energy and finance, financial services and fintech amongst others.

According to her, multi-sectoral collaboration is a crucial factor in advancing economic development.

“This is by fostering cooperation and synergy among different sectors which promotes innovation and allows for cross-fertilisation of ideas, and social and economic inclusivity.

“Power is the bedrock for any manufacturing organisation and as it stands, Nigeria generates about 4,000 Mega Watts of electricity, even though it has the capacity to generate up to 11,000 Mega Watts, but for some challenges.

“This creates room for collaboration and we must bring innovation together alongside government agencies not working at cross purposes with one another.

“This is to give the non-oil sector the boost it requires from power generation.

“Non-oil sector growth is the catalyst for Gross Domestic Product (GDP) growth and channelling enough power to that sector would drive economic growth and development,” she said.

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Sanda reaffirmed the company’s willingness to work with the Lagos State Government, private sector players and regulatory agencies to light up the state.

Akin Akinfemiwa, Chief Executive Officer (CEO), of Geregu Power Plc, said government and private sector operators could work together to harness the potential of the sector.

Akinfemiwa said it would also assist to solve challenges of power generation, infrastructure, transmission and distribution.

He noted that players in the sector, for decades, had tried to solve the issues in silos but were without practical solutions, hence the need for multi-sectoral collaborations.

He urged the NBCC to leverage its position and act as an umpire to create a framework for accountability and assign roles for all stakeholders to drive the collaborations.

“We must also use technology to help drive the collaborations between industries, stakeholders and government as the improvement in power through multi-sectoral collaboration can only be driven by technology.

“Power is core to economic development because, for every one per cent increase in power, we have a four percent improvement in GDP.

“Technology should therefore be used to decentralise the grip and ensure that power gets to those that need the power to transform the nation’s economy,” he said.

Oluwayomi Amoussa, Head of Corporate Affairs, Alaro City, said that the dynamics of operations in the Free Trade Zone reinforced the importance of multi-sectoral collaboration.

He said the company’s journey showed the need to work with the larger organised private sector, and regulators and harness sub-players within the ecosystem to enjoy support infrastructure and drive business growth.

“Infrastructure is a large pocket that cannot be unbundled alone and collaboration is a skill in the workforce that must be harnessed to achieve the objectives of any organisation.

“These collaborations must, however, be rooted in ingenuity and value engineering, prioritisation and planning, education and discipline for critical thinking outside the box,” he said.

Bisi Adeyemi, President, NBCC, said the chamber would continually serve as a distinguished platform for stakeholders to exchange ideas to advance business development in Nigeria.

Adeyemi, represented by Ray Atelly, Deputy President, NBCC, said the breakfast meeting had always been a path to progress as it fosters collaboration across sectors.

“We believe we can forge a better path for our nation and people when we come together and collaborate and share quality thoughts and ideas,” she said.