President Goodluck Jonathan says power supply in Nigeria will be among the best 20 in the world in the next eight years.
The president gave the assurance in Lagos yesterday at the 40th Annual General Meeting of Manufacturers Association of Nigeria (MAN).
Represented by Dr Samuel Ortom, Minister of State for Trade and Investment, the president said government would do everything possible to address the "structural weaknesses standing between us and revolutionizing the power sector".
"Some of the problems are deep, but not beyond the government. We are currently reviewing the lapses in the power sector to make it one of the best in the world in the year 2020. Nigeria is on the threshold of history, ready to join the world economic powers in the very near future", he said.
The president said the emphasis of government was to promote the processing of the nation's natural resources for consumable commodities, saying this would also beef up "our export portfolio".
He said the government's effort at attracting local and foreign investors into the economy was yielding positive results. "More than 16,000 local and foreign investors have registered their intentions to do business worth about N6.6 trillion in just one year," he said.
The president lauded the MAN's blueprint to boost the sector, assuring them that the consideration of the blueprint would be highly valued by the government and put to work.
The MAN President, Mr. Kola Jamodu, said the manufacturing sector was one of the most powerful engines for economic growth and a catalyst for transformation of the nation's economic structure. (NAN)