Precious Ugwuzor
As Nigerians face ongoing challenges with inconsistent power supply and skyrocketing electricity tariffs, security consultant and entrepreneur Mr. Matthew Ibadin is urging President Bola Ahmed Tinubu to make electricity supply a top priority across the nation. He firmly believes that without a stable power supply, the dreams of industrialization and economic growth will remain unattainable.
In a recent interview with journalists during the 34th Convocation Ceremony for the Graduating Cadets of the 71st Regular Course at the Nigerian Defence Academy (NDA) in Kaduna, Ibadin, who is a recent Master’s degree graduate himself, expressed deep concern over Nigeria’s current electricity generation capacity of approximately 5,500 megawatts, which he described as woefully inadequate. He cited a statement from the Association of Nigeria Electricity Distributors, which emphasized that Nigeria needs at least 33,000 megawatts to stabilize its power supply.
As the Managing Director of Badinson Security Services Limited, Ibadin highlighted that President Tinubu’s eight-point agenda focuses on economic growth and job creation, but he reiterated that these ambitions hinge on achieving a reliable power supply. “The private sector, which is the largest employer globally, is the most affected by the lack of dependable electricity,” Ibadin pointed out. “In Nigeria, businesses are not just battling poor infrastructure; they are also facing exorbitant costs to generate their own power.”
He further noted that many Nigerian businesses, particularly small and medium-sized enterprises, have taken on loans that they now struggle to repay, largely due to increasing operational costs driven by high fuel and diesel prices. “Nigeria stands out as the only country where business plans frequently fail due to the staggering expenses associated with private electricity generation. This situation is unsustainable and is pushing companies to the brink,” he remarked.
Ibadin also expressed concern for artisans and skilled youths who are turning to crime out of frustration, as the lack of reliable electricity prevents them from engaging in their trades. Furthermore, multinational corporations and large firms are either downsizing or exiting Nigeria entirely because of soaring operational costs. He stressed that without immediate and substantial improvements in electricity supply, Nigeria’s industrialization efforts will stall, leaving the nation trapped in economic stagnation.
He implored President Tinubu to prioritize electricity supply, asserting that nearly all production and service operations in both public and private sectors rely heavily on power. Ibadin proposed that the government’s outdated and inefficient power grid needs modernization through technological upgrades and infrastructure improvements to minimize the frequent blackouts hindering productivity.
He also pointed out that creating an enabling environment for private businesses is crucial, as the private sector is key to the nation’s economic growth. “The Nigerian private sector is vital for employment and economic stability, but without reliable power, its potential is severely limited,” he explained.
In addition, Ibadin underscored the significance of rural electrification, noting that the absence of electricity in rural areas restricts educational and economic opportunities, thus perpetuating poverty. He advised President Tinubu to expand rural electrification initiatives to ensure that all communities have access to reliable power, which would promote inclusive growth and development throughout the country.
Given the struggles many Nigerians are experiencing with high electricity tariffs—making power unaffordable for a significant portion of the population—Ibadin called for the Tinubu administration to establish a subsidy program for low-income households. He also advocated for the adoption of energy-efficient practices to help reduce consumption and overall costs.
In closing, Ibadin urged President Tinubu to declare a state of emergency in the electricity sector. He stated that increasing power generation to the necessary 33,000 megawatts would set the stage for broader economic development. “Without electricity, industrialization will remain a distant dream. It’s time for decisive action to secure the future of this country,” he asserted.
Reflecting on the shortcomings of previous administrations, Ibadin expressed concern that successive governments have been crafting policies “in the dark.” He hopes that President Tinubu will avoid falling into the same trap. “One agenda that should take precedence now is ‘light up Nigerian businesses.’ If he can accomplish this, he will go down in history as one of Nigeria’s greatest Presidents,” Ibadin concluded.
