Power Sector Reforms Key to Nigeria’s Economic Revival — Rewane at RCCG Economic Summit
By Abiodun Sivowaku, Lagos
The Managing Director of Financial Derivatives Company, Bismarck Rewane, has underscored the urgent need for comprehensive reforms in Nigeria’s power sector, describing them as critical to unlocking the nation’s economic growth potential.
Rewane made this assertion while delivering the keynote address at the 2026 Economic Summit organised by the Redeemed Christian Church of God (RCCG), Christ the Lord Parish, Lekki, Lagos. The summit, themed “Positioned for Advantage in a Shifting Economy,” brought together experts and stakeholders to discuss strategies for navigating Nigeria’s evolving economic landscape.
According to the economist, Nigeria’s economic ambitions will remain “pipe dreams and wishful thinking” without decisive action to improve electricity generation, distribution and supply. He stressed that enhanced economic productivity would largely be driven by improvements in power, agriculture, manufacturing, fintech and telecommunications.
Rewane noted that unreliable electricity supply continues to hamper business operations, particularly for small and medium-scale enterprises (SMEs), which are increasingly burdened by the high cost of diesel and petrol. He linked the surge in fuel prices to the ongoing crisis in the Middle East, adding that many businesses are unable to immediately transfer rising operational costs to consumers due to stagnant wage levels.
“Artisans and small business operators who rely on power for activities such as milling and vulcanising are also facing severe challenges,” he said, describing electricity as a decisive factor for national growth and economic progress.
Providing historical context, Rewane disclosed that Nigeria has invested no less than $30 billion in the power sector since 1999, including about $16 billion during the administration of former President Olusegun Obasanjo. Despite this, he observed that electricity generation has stagnated, with the country producing about 5,000 megawatts in 1999 but currently struggling to sustain supply at 4,000 megawatts.
He therefore urged the government to expedite planned reforms aimed at revitalising the sector.
The hybrid summit also featured panel discussions with industry professionals including Nike James, Sola Adesakin, Chidi Okpaluba, and moderator Uwa Osa‑Oboh. The panelists highlighted the need for increased investment in agriculture, manufacturing, fintech, human capital development and infrastructure to unlock new growth opportunities.
Speaking from the SME perspective, Dr. Okpaluba called for what he described as an “identity shift,” noting that global competitiveness requires businesses and individuals to redefine their value propositions.
On personal finance and wealth creation, Adesakin encouraged participants to explore opportunities in the Nigerian stock market, which she said has recorded significant growth in recent times. She emphasised that value creation remains the key driver of financial advancement.
From a taxation standpoint, James provided insights into the evolving tax regime, explaining that the burden is increasingly shifting from low-income earners to higher-income individuals. She outlined implications for employees, the self-employed and small businesses, while urging proper record-keeping and compliance with statutory obligations.
Convener of the summit, Tunde Netufo, expressed satisfaction with the strong turnout and explained that the annual event forms part of the parish’s Christian Social Responsibility (CSR) initiative inspired by RCCG General Overseer, Enoch Adeboye.
Netufo said the summit was designed to stimulate economic growth, reduce poverty and promote a more inclusive society by empowering individuals with practical knowledge rather than offering temporary relief.
He described the summit’s theme as timely, given global economic uncertainties and the ripple effects of geopolitical tensions, including rising crude oil prices and higher domestic fuel costs. He emphasised that strategic positioning is essential for individuals and businesses to withstand economic headwinds.
The well-attended event, which attracted both physical and virtual participants, featured an engaging question-and-answer session that provided further clarity on navigating Nigeria’s shifting economic realities.
