President of the African Development Bank Group (AfDB), Dr Akinwumi Adesina, yesterday emphasized that the severe lack of energy was negatively affecting the growth of Nigerian industries.
Adesina mentioned while speaking at a meeting organised by the Manufacturers Association of Nigeria (MAN) in Abuja.
He said: “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal.
“Unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain uncompetitive.”
Also speaking at the meeting, the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, noted that trade was a key part in the global economic recovery and called for more support for micro, small and medium enterprises.
“Poor countries need access to bigger markets to grow rapidly,” she said. “With trade projected to grow at 10.8 per cent this year, more than twice as fast as GDP, external demand will far outpace domestic demand for many countries, especially those on the wrong end of the k-shaped recovery.
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