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Oil Rallies On Small Crude Inventory Build

Oil Rallies On Small Crude Inventory Build

Oil prices rose on Thursday…

Nigerian Government Grapples With Endemic Energy Shortages

Nigerian Government Grapples With Endemic Energy Shortages

Nigeria’s ongoing energy shortages have attracted promises from the federal government to address the issue.

Nigerian President Goodluck Jonathan directly addressed the issue during the 27th convocation ceremony of the University of Port Harcourt, Rivers States telling his audience that his administration has taken steps to ensure that the electricity supply problem are a high priority for his administration, the Daily Champion reported.

Jonathan was represented at the convocation ceremony by Vice President Namadi Sambo, who stated that that insuring reliable supplies of electrical power was essential to the growth and development of Nigeria’s small and medium scale industries, telling his audience,  "When I spoke with the Vice Chancellor of the University of Port Harcourt on what the problems of the university, he told me that they had problem of power supply. I immediately told him to make another request because the problem of power supply in the country would be solved in the shortest possible time.”

Former President Olusegun Obasanjo, had spent $8.5 billion repairing and building power stations, but nevertheless the nation’s electrical output did not substantially increase. Lagos State University economics professor Emmanuel Adewole noted, “The World Bank estimates that the country is losing about $600 million a year because of inadequate supply of electricity.”

By. Charles Kennedy, Deputy Editor OilPrice.com



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