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Western Powers are Blocking Solution to Nigeria’s Power Challenges – Kemi Adeosun

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Kemi Adeosun

Kemi Adeosun

The Minister of Finance, Kemi Adeosun, has accused western powers of being a stumbling block to Nigeria’s plan to improve power output through the use of coal.

Adeosun said this on Wednesday in Washington during a discussion on the importance of addressing infrastructure gaps in developing countries at the World Bank, International Monetary Fund General Meetings.

She said that improving power supply was the corner stone of the current administration’s goal towards economic development, yet finding it difficult to get support from western community.

“We want to build a coal power plant because we are a country blessed with coal, yet we have power problem. So it doesn’t take a genius to workout that it will make sense to build a coal power plant.

However, we are being blocked from doing so, because it is not green. This is not fair because they have an entire western industrialisation that was built on coal fired energy.

This is the competitive advantage that was used to develop Europe, yet now that Nigeria wants to do it, they say it’s not green, so we cannot.

They suggest that we use solar and wind, which is the more expensive. So yes, Africa must invest in its infrastructure, but we must also make sure that the playing field is level,” she said.

Adeosun said that in spite of the need for foreign borrowing to finance the country’s infrastructure gap, the strategy was to get the cheapest money.

She said Nigeria’s debt to GDP remained very low but that the cost of servicing those loans was high.

“Right now, we are being very conservative about our debt and we are trying to get the cheapest money possible from multilateral agencies. We are working very hard to make sure that we get multilateral funds first before we go to the euro bond market, which is a little bit more expensive,” she said.

She added that the country’s strategy was to get public private investments because even if Nigeria dedicated five years’ full budget to bridging infrastructure gap, it would still be insufficient.

Meanwhile, a report released by the IMF showed that global debt was currently at a record high of $152 trillion.

The Director, Fiscal Affairs Department, IMF, Vitor Gaspar at a news conference, said the debt was 225 per cent of World Gross Domestic Product.

The report showed that $100 trillion was debt of the private sector, while the remaining was public debt.

To address the growing problem, the report suggested targeted fiscal interventions in form of government sponsored programmes to help restructure private debt.

“Fiscal policy cannot do it alone – a comprehensive action using all three policy prongs, that is monetary, fiscal and structural policy.”

26 Comments

  1. Bodunade

    October 5, 2016 at 10:53 pm

    Blame it on the sun, water and the air you breathe. Intelligent talk. Your accent is why nigerians love you. Ride on ma.

    • fleur

      October 6, 2016 at 4:32 am

      You want to give people in Enugu asthma, lung cancer and high mortality rates among the elderly and children on hot days from PM2.5 emissions? thank God for super powers like America. Go and ask your dunder head self WHERE IN THE WORLD HAS A NEW COAL FIRED PLANT BEEN BUILT IN THE LAST 20 YEARS? WHEN WILL WE STOP BEING STUPID? WHEN WILL WE ACT AS IF WE HAVE NO ACCESS TO SCIENTIFIC RESEARCHERS AND THE RESEARCH? Thank God for the WEstern Countries blocking this nonsense. Please BLOCK, BLOCK, BLOCK! They live in Abuja and the coal is in Enugu and remote parts. THey also dont count dead bodies, dont issue real death certificates and dont support research. Entire towns will vanish from the side effects of coal and nobody will know. I mean, where are they even planning to dump the coal ash? Dem dey read news at all see wetin dey happen for West Virginia? Gosh.

    • chidi

      October 6, 2016 at 8:46 am

      Thanks for your submission. The problem we have in this country is very simple, the intelligent and knowledgeable ones are governed by miscreants and urchins with little or no knowledge on how to govern and build a society. It is sad that only a handful of people are willing to learn and improve themselves. Every forward thinking nation has research institutes that are continuously seeking for ways to improve themselves but we have none. For those who think coal is an option, please educate yourselves by reading a journal or a book.

    • Muse

      October 6, 2016 at 10:48 am

      Coal ash??? In these times?? Maybe you need some education or you need to be internet savvy. Poland is building coal powered plants including Bosnia, Kenya etc. In fact, China builds at least 2 coal power plants every month.

      The US has built at least 10 in the last 20 years and you type block, block, block???

      The Nigerian government isn’t serious, if they are, they would go East!!

    • Xtophar

      October 6, 2016 at 4:34 pm

      Don’t mind her. What annoys me is that she said “… we are being blocked from doing so, because it is not green. This is not fair because they have an entire western industrialisation that was built on coal fired energy”. I mean how do you say it is unfair to build a plant that is not green in these age???? How????! Plus, this just gos to show she has absolutely no clue about a lot of things because she ought to know her President just signed an act last week giving Nigeria’s support to a greener and healthier environment. Or was it his doppelganger ni???? Her ignorance annoys the heck outta me. Aaaaaaaaaarrrrrrrgggggggghhhhhhhh

    • ao

      October 7, 2016 at 8:28 am

      I really enjoyed you mentioning America as a police for climate change! That is a joke and a half. If you must know, all of Germany’s power is generated from coal – they justify it by claiming they use clean burning technology. And this climate change directive is only going to drive developing countries like ours into obscurity because these directives cost money that we don’t have. You guys in Nigeria pay one of the least amount of money per kWh; imagine if they added green energy to the mix – only the rich will be able to afford Electricity. If the EU that is the main champion of climate change can allow Poland and Germany to keep using coal powered plants, why can’t they allow us to do the same? It isn’t a mere coincidence that in Mechanical Engineering courses in Europe, coal fired power plant technology is still being taught till today- only they have added “clean burning” to the name!

  2. The Bull

    October 6, 2016 at 1:43 am

    Use solar energy then, there are other options, it is not western powers that were looting the money meant for power all these years. even if they played a role we enabled them.

    • Lacey

      October 7, 2016 at 2:20 am

      When Buhari is going to sign paper on environment, he did not know that they will block him! Mumu President! Global warming is a sham!with all the pollution in China, the Country is becoming economically buoyant everyday! No need to go and take permission from anybody,after all all the stolen monies that was traced to the west has not repatriated back to Nigeria, so who is fooling who!

  3. Just my 1 Cents

    October 6, 2016 at 2:14 am

    This woman has a point in that the west are really hypocrites. However, we can’t keep complaining and doing nothing. We need power to advance and industrialize. Period. At least work with what we have which is solar, and it’s not that expensive if you privatize it. I read this story of a Nigerian solar company that let’s you pay monthly (about 10-20K or so), instead of full price at once for solar panel installation.

    Our neighbor Ghana is powering themselves with hydropower, so we really have no excuses. In fact, they produce so much now that they export it.

    • nene+

      October 6, 2016 at 8:10 am

      We want to build a coal power plant because we are a country blessed with coal, yet we have power problem. So it doesn’t take a genius to workout that it will make sense to build a coal power plant.

      However, we are being blocked from doing so, because it is not green. This is not fair because they have an entire western industrialisation that was built on coal fired energy.

      This is the competitive advantage that was used to develop Europe, yet now that Nigeria wants to do it, they say it’s not green, so we cannot.

      They suggest that we use solar and wind, which is the more expensive. So yes, Africa must invest in its infrastructure, but we must also make sure that the playing field is level,” she said.
      Did Kemi hear herself? Europe and America used and dropped coal due to its health consequences and thus discourages other nations from using coal energy. Especially ours where death of people means absolutely nothing to its leaders. What’s not fair here? You don’t research, no health care, and you want to wipe Enugu state and it’s environs when solar and wind are in abundant neglect?What have you said about the guy who powered bulbs with potatoes have you tot of how to power domestic consumptions with such while we reserve the hydro electric and other sources for industries?

      Lazy lots!

    • Muse

      October 6, 2016 at 8:51 am

      The US and Europe has dropped the use of coal??? I know we dislike this woman, but telling lies laced as facts is terrible. The US still one of the biggest players when it comes to coal usage. How come renewable sources can’t account for 20% of the total grid??

      Why can’t they take their campaign to China or SA for example?? These countries solved their energy needs through these sources and then started to go for renewable sources, and these sources are really expensive.

      Yes, there are disadvantages of using a coal powered system, but it’s the cheapest for now. The West are playing us like ludo and we sit and allow them move us wherever and whenever they wish.

    • Naijatalk

      October 6, 2016 at 6:10 pm

      Yes it’s better the West play us like Ludo afterall time and time again we have shown that we need to be policed, Nigeria with zero standards, zero accountability, and zero infrastructure is who you want to grant permission to play with coal? Aledida!!!

  4. mOses

    October 6, 2016 at 2:29 am

    nice idea actually… leave the latter for the better

  5. EE

    October 6, 2016 at 3:23 am

    Two questions on Solar usage:

    1. Isn’t it more expensive than carbon power?

    2. Can it power industries efficiently? I mean the old “Economies of Scale” tell us centralized power is more efficient no?? Further isn’t consumption, not access the true marker of economic development. If that’s the case, solar, wind e.t.c don’t have a track record, carbon does.

    Basically, switching to solar solves nothing long term, in my opinion, we should be focusing on improving our hydro and gas. Burning a little coal won’t kill us if the master burners of the west and east reduce theirs, we should seize every advantage, THEY did.

    • Muse

      October 6, 2016 at 8:56 am

      Blessings to you, you’ve said it all!!!!!

      The answers to your questions:

      1. It is much more expensive.

      2. It can’t power industries efficiently.

      “There’s never been a country that developed with intermittent power” – Jim Yong Kim

  6. Brezzy

    October 6, 2016 at 4:12 am

    I swear sometimes I just wonder with these Nigerian leaders. How can you want to go back in ages just improve power. Do they even realize the health consequences of burning in such large scale, talk more of the damage to the ozone layer smh. When people start getting all the lung diseases from burning coal and food scarcity that will come from the drought, we will have another huge problem on our hand.

  7. mr x

    October 6, 2016 at 8:32 am

    We have entered on chance. When she opens her mouth only stupid and ignorant things come out. You should know better . Madame Kemi you should re-sign. You’re incompetent.

  8. Art

    October 6, 2016 at 8:36 am

    With this kind of backward thinking, no wonder Nigeria is in a recession. Not long ago the president went to China blowing away precious FX on that trip and came back with practically nothing to show for it. China is making some of the best and cheapest wind turbines in the world at the moment but our government as usual would not look for a way to partner with China on how to solve our electricity problem making use of the wind that is green and free. Ever since this administration came in to power Nigeria has been seriously going backwards in every sphere of our national life. Backward thinking president, backward thinking ministers, daily giving excuses why the country can’t move forward. How can Nigeria move forward when those that are steering this ship are movingnfast on reverse. #yarn #thetruth #make #naija #better

  9. Gigi

    October 6, 2016 at 9:04 am

    I don’t understand Nigeria oo

  10. Hian

    October 6, 2016 at 9:15 am

    We want to build a coal power plant yet our President and his Minster of environment were in front when nations were signing climate change agreement to cut down emissions in Paris…

    We aren’t a serious country at all. What happened to research eh? Instead we steal all the money, wait for oyibo to research and invent and then want thier findings for free… We never ready…

  11. nwa nna

    October 6, 2016 at 11:08 am

    Coal power plant is a short template fix with long term consequences that will outweigh its short-term benefit

    • Tosin

      October 6, 2016 at 9:17 pm

      word! #TwoMoreYears
      bye bye olodocracy. thanks for your service.

  12. Molly

    October 6, 2016 at 12:20 pm

    The minister should do a little bit of reading on the coal era in Europe. So, every industry in Nigeria will start emitting fumes, abi? I imagine areas like Agbarra and Sango Ota will be under a black halo of carbon fumes emitted daily from industries..
    Competitive advantage! Really? I guess one thing is for sure, we shall definitely over take the rest of the world when it comes to lung related diseases.
    Somebody should please show madam minister a picture of Britain during the “Coal Era”.

  13. Weezy

    October 6, 2016 at 6:37 pm

    Later when we citizenship her, her supporters on BN will be saying give her a chance, where she went to school doesn’t matter, PWC is a breeding ground for finance misters.

    This woman is unfit for her post.

    The US was built on slavery of Africans. We should start enslaving poor people in Nigeria. Free labor! Shay the western powers did it. While we’re at it, let’s colonize DR Congo. They have plenty land, plenty minerals naw.

  14. Weezy

    October 6, 2016 at 6:37 pm

    When we *criticize her o.

  15. Ajala & Foodie

    October 7, 2016 at 1:06 am

    I am sick and tired of us blaming the west for everything!!!! Really the west??? let’s even forget the fact that she acknowledged the danger with what she is proposing. Let’s assume coal was green, When will we stop crying about people refusing to take pandol over our own headache??? uhn?? The same west sees you people “government” officials with Millions -Billions of $$$ in accounts and that does not include the Millions you go and spend there,
    Millions that are enough to build said plants, but you want these western countries to come and use their own money to build you infrastructure, so you can keep lining your pockets with the millions that should be going into these infrastructures and you have the guts to blame the Western world???

    North Korea is doing what it wants, so is Iran. Why? (Not that i agree with any the nuclear weapon nonesense) because they are NOT asking the West for money to do it. If Nigeria decides to build a coal plant at the detriment of its own citizens health, these countries may complain but there is nothing they can do about it. But you cannot ask me for my money and not expect that I will NOT have a say as to how that money is spent!!! That is stupidity, You are looking for “Mugus” and guess what? these countries have smart and educated people in power so they are not about to act the fool.

    Until we get rid of this ludicrous mentality of blaming everyone else for our problems we will never move ahead. Interestingly, the same people that are blaming the west for blocking this development, will still blame the west should the coal plant go ahead and we start experiencing the side effects. The same people will claim the west wants us all dead because they supported it and did nothing to “block it”. That is the victim card and we constantly play that as a country and I personally have had enough of that rubbish!!!. We have not been victims for a long time. We need to start taking responsibility of not only our action, but for our growth and our development. Until then we will never grow and we will continue to be a 3rd world country. So sit there and be complaining about the west blocking it ooo…Golly this utter garbage..

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