Power sector reform key to Nigeria’s economic growth, Says Rewane

The Managing Director of Financial Derivatives Company, Bismarck Rewane, has stressed that meaningful reforms in Nigeria’s power sector are essential to unlocking the country’s economic potential.

Speaking at the 2026 Economic Summit organised by the Redeemed Christian Church of God, Christ the Lord Parish, Lekki, Lagos, Rewane warned that without urgent improvements in electricity supply and distribution, Nigeria’s economic aspirations would remain “pipe dreams and wishful thinking.”

He said, “The point is that economic productivity in Nigeria must increase; it will be driven by power, agriculture and manufacturing, and most importantly, fintech and telecommunications.”

Rewane noted that unreliable power supply continues to hinder businesses, particularly small and medium-scale enterprises (SMEs), which are forced to rely on costly diesel and petrol due to persistent outages. He added that rising energy costs, worsened by recent tensions in the Middle East, are squeezing businesses that cannot easily pass on the burden to consumers already grappling with stagnant wages.

According to him, artisans and small-scale operators who depend heavily on electricity for daily operations are among the hardest hit, reinforcing the need for urgent reforms.

Other panellists at the summit, including Chidi Okpaluba, Sola Adesakin, Nike James and Uwa Osa-Oboh, highlighted strategies for navigating Nigeria’s shifting economic landscape.

Okpaluba called for a mindset shift among Nigerians, stating, “The world does not treat you as you want to be treated… the world gives you what you are, so we need an identity shift.”

Adesakin encouraged investment in the stock market, noting that “shares are going up,” while also emphasising that value creation remains key to growth and opportunity.

The convener of the summit, Pastor Tunde Netufo, said the initiative was designed to stimulate economic growth, reduce poverty and promote inclusive development. He added that the theme of the event, “Positioned for Advantage in a Shifting Economy,” reflects the uncertainty surrounding global and domestic economic trends.