High expectations usually characterise budget preparations. Ahead of the 2011 budget, the National President of the Nigerian Chambers of Commerce, Industry, Mines and Agriculture, Dr. Chukwuemeka Okolo, highlights key areas of action by the Federal Government. He spoke to LAYI ADELOYE As the Federal Government gets ready for the 2011 budget, what are your suggestions on how to address some of the challenges of the real sector, especially power and energy?
The power road map unfolded recently by the President is commendable. This should, however, be accelerated. Government must focus on complete liberalisation of the power sector by allowing the private sector and states to participate in generation and distribution. The government should accelerate and ensure the completion of the ongoing power sector reforms so as to improve the present generating capacity by not less than 2,000 mega watts by December 2011. Adequate incentives should be provided to encourage more investment in independent power projects, even as more aggressive policy must be pursued by government to eliminate frequent vandalism of power infrastructure facilities in the country.
Government should also go further by encouraging its policy on renewable energy as an alternative to power supply through fossil fuels. On the high cost of petroleum products, refineries should be fully privatised to encourage private participation through the provision of adequate incentives in the building and operation of new refineries.
What are your suggestions on other real sector challenges, like transportation?
Government must evolve strict policies on road rehabilitation/maintenance. Major interstate roads should be dualised to assist the free flow of persons and goods. Government must understand the need to embark on the development of massive railway programme to link the entire country, followed by privatisation. In the same vein, the 25 years national master plan with targets on how to resuscitate the railways should be implemented faithfully by government. Efforts must also be made by the government to develop the available inland waterways and ensure that they are effectively utilised to complement road transportation system, even as it tries to complete the ongoing dredging of the River Niger to create inland ports at Onitsha, Idah, Baro, Lokoja, etc. If these are achieved within the coming year, it will give a breather to the real sector that will be of immense boost and benefit to the economy.
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