Expert advocates energy, agricultural infrastructure financing for economic development 

An economic expert, Dr Onuoha Nnachi, has advocated a robust energy and agricultural infrastructure financing to position Nigeria on the path of economic development.

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Nnachi made the call on Monday in Abuja during a news conference to awaken the consciousness of individuals and the government to invest in agricultural and energy infrastructure for economic development.

This, he said, would be tailored in line with the “Renewed Hope Agenda” of President Bola Tinubu.

According to him, achieving sustainable energy and agricultural infrastructure development requires investment.

Nnachi, who is the Managing Partner of Deutsch Partners Holding, said there was the need to invest heavily in agriculture which had become the source of economic development of many western countries.

“Ukraine is known for wheat production, and their war with Russia has affected supply of that all over the world.

“We live in a time of unprecedented opportunity and challenge. The global demand for energy is rising, yet we must meet it in ways that preserve our environment for future generations.

“At the same time, agriculture, which is essentially the backbone of economies worldwide, faces pressures from climate change, population growth, and then, the need for greater efficiency.

“These are not separate issues; they are deeply interconnected. Sustainable energy powers modern agriculture, and thriving agriculture fuels economic stability. Together, they form a vital cycle that can lift societies out of poverty, create jobs, and drive innovation,” he said.

According to Nnachi, there is already a plan to stage infrastructure dialogue with focus on “Financing Sustainable Energy and Agricultural Infrastructure for Economic development”.

He said the dialogue would also ensure the establishment of knowledge transfer, infrastructure entrepreneurship scheme, train the trainers scheme, sustainable structure and policy recommendations, among others.

He said speakers at the dialogue would include the Managing Director/Chief Executive Officer of the Rural Electrification Agency, Mr Abba Abubakar Aliyu, and his counterpart at the National Agency for Science and Engineering Infrastructure, among others.

“Addressing Nigeria’s energy and agricultural infrastructural deficit requires bold, strategic financing that bridges the gap between ambition and action. I will not say open Nigerian border for continuous importation of solar-related matters.

“You begin to draw it down, but not only will you reduce the number of importation, you must also invest in growing the capacity, for the production to start.

”If you don’t invest in that production plant for it to be established locally, and the government injects capital into it in the form of grants, and takes up equity in those production plants, you have opened a floodgate for smuggling, and it will affect the economy. So, for it to work, there should be a gradual phase-out that should be equated to the manufacturing capacity of the nation. So, it has to be backed with data.

“We live in a time of unprecedented opportunity and challenge. The global demand for energy is rising, yet we must meet it in ways that preserve our environment for future generations”, he added.

NAN/Wumi