The National Economic Council convened its monthly meeting on Thursday at the State House in Abuja, with a key resolution to strengthen the implementation of the National Electrification Strategy to address the frequent collapse of Nigeria’s power grid.
The Council emphasized that access to electricity is a fundamental right, critical for economic growth, and that efforts must be accelerated to ensure reliable and affordable energy across the country.
Vice-President Kashim Shettima, who chaired the meeting, reaffirmed the need to treat energy access as a fundamental right rather than a privilege, describing electricity as the “oxygen of economic growth.”
He said: “The past few months of collapses in our national power grid compel us to reinforce the pace with which we are adopting and implementing the National Electrification Strategy. Energy access is a fundamental right, not a privilege. It is the oxygen of economic growth.
“Our blueprints must, therefore, strive to expand access, empower rural communities, and drive productivity, especially for MSMEs. I hope that our discussions today will inspire solutions to light up homes, power businesses, and fuel Nigeria’s industrial future.
“Whatever path we agree upon, it is clear that a private-sector-led distributed renewable energy generation approach is essential to increasing electricity access for households and small enterprises alike.”
The vice-president also urged the Council to take Nigeria’s creative industry seriously, saying it presented an avenue to redefine the nation’s economic trajectory.
According to him, “New technologies have not only amplified the global appeal of our arts, crafts, and culture but also opened up revenue streams and job opportunities for Nigerians.
“Our music, films, art, and cultural heritage are not just global symbols of Nigeria’s soft power but also vital engines of economic growth. We cannot afford to relegate the promise of turning creativity into wealth, empowering our youth, and positioning Nigeria as a hub of innovation and cultural excellence,” he added.
In line with this, NEC established a 13-member committee on National Electrification, tasked with addressing the challenges within the power sector. The committee, headed by Cross River State Governor Bassey Otu, will focus on enhancing states’ involvement in the Electricity Reform Act of 2023 and the National Electrification Strategy, according to ThisDay.
The committee also includes several state governors, such as Dikko Radda of Katsina, Inuwa Yahaya of Gombe, Ademola Adeleke of Osun, Hope Uzodimma of Imo, and Caleb Mutfwang of Plateau, as well as key federal ministers and officials from the Rural Electrification Agency and the Niger Delta Power Holding Company.
The meeting also included a presentation by the Managing Director of the REA, which highlighted the need for a diversified electricity system in Nigeria. The Council noted that empowering states could enhance the accessibility and affordability of electricity, ensuring that all regions meet their specific energy needs.
In his remarks, Shettima also underscored the importance of prioritizing Nigeria’s creative industries, noting that advancements in technology have amplified the global reach of Nigerian music, films, art, and culture. He emphasized that these industries are vital for job creation and economic growth, urging the Council to support efforts that harness creativity as a driver of economic transformation.
Additionally, NEC discussed the ongoing issue of state police. Governor Douye Diri of Bayelsa State informed the media that while 33 states have submitted their positions on the creation of state police, three states—Adamawa, Kwara, and Kebbi—along with the Federal Capital Territory have yet to submit their reports. The Council has given these states one week to submit their positions, with plans to present a consolidated report at the next NEC meeting.
President Bola Tinubu had previously endorsed the establishment of state police to address rising insecurity, and governors were instructed to submit their reports for further deliberation.
The meeting also featured updates on national finances. The Accountant General of the Federation presented account balances as of November 20, 2024, including figures for the Excess Crude Account ($473,754.57), Stabilization Account (N33.32 billion), and the Natural Resources Account (N26.85 billion). Additionally, a presentation on the Special Agro-Industrial Processing Zones highlighted the program’s progress in several states, with plans to expand its reach in the coming years.
NEC approved the inclusion of new partners for the SAPZ program, emphasizing its potential to boost economic growth through private-sector involvement in agro-industrial development. The program is estimated to cost approximately $1 billion and is being implemented in eight states under Phase 1, with a broader expansion planned in Phase 2.
In other resolutions, NEC ratified the nomination of individuals to serve on the governing council of the Nigeria Sovereign Investment Authority, approved the onboarding of First Abu Dhabi Bank as an alternate custodian for NSIA, and endorsed initiatives by the National Agency for Science and Engineering Infrastructure, including its efforts to support agricultural development and innovation in renewable energy technologies.
The meeting concluded with a call for states to support these initiatives and leverage federal resources to drive growth and development across key sectors.
