Summit: power reforms critical to nation’s revival
mANAGING Director of Financial Derivatives Company, Mr Bismarck Rewane, has said power sector reforms are non-negotiable for Nigeria’s economic growth. Rewane, delivering the keynote at 2026 Economic Summit, organised by
mANAGING Director of Financial Derivatives Company, Mr Bismarck Rewane, has said power sector reforms are non-negotiable for Nigeria’s economic growth.
Rewane, delivering the keynote at 2026 Economic Summit, organised by Redeemed Christian Church of God, Christ the Lord Parish, Lekki, emphasised that without urgent action on electricity distribution and supply, our economic ambitions will be mere “pipe dreams and wishful thinking.”
He said: “The point is economic productivity in Nigeria must increase; it will be driven by power, agriculture and manufacturing, and most importantly, fintech and telecommunications.’’
Rewane stressed that power sector reforms are a must. According to him, power supply affects companies’ productivity, and SMEs depend on it. Sadly, SME operators are buying diesel and petrol at significantly high prices, occasioned by the four-week-old crisis in the Middle East. To worsen the situation, these companies cannot immediately pass this spike in costs to their product or service consumers because consumers also face stagnant wages. Artisans and others who depend on power for their milling, vulcanising, etc are also under the water.
From the foregoing, Power is the game changer for national growth or any progress to occur. Diving deeper, Rewane said, “from 1999 to today, Nigeria has committed nothing less than $30 billion to power, $16 billion of it during former President Olusegun Obasanjo’s.
However, Nigeria generated 5,000 megawatts in 1999, and today the country is struggling to achieve a 4,000-megawatt supply.
He advised an urgent intervention into the planned reform and revamp the sector.
Panellists at the hybrid event; Nike James, Sola Adesakin, Chidi Okpaluba, and Uwa Osa-Oboh, who moderated the session, also shared practical solutions on how Nigeria can better position itself to take advantage of the shifting economy by prioritising investment in agriculture, manufacturing, fintech, human capital and infrastructure to unlock growth opportunities that will benefit all Nigerians.
From the SME angle, Dr Chidi Okpaluba said, We need an identity shift. He said, unfortunately, the world does not treat you as you want to be treated. The world does not give you what you want, but the world gives you what you are, so we need an identity shift’’.
Speaking from the angle of personal finance and wealth, Mrs Sola Adesakin advised the large turnout at the summit to tap into the Nigerian stock market, which has experienced growth in recent times. She said ‘’Shares are going up. She also advised that value and promotion will flow to those who provide more value.
From a tax perspective, Nike James, an expert in the field, shared her thoughts and position on the new tax regime for enlightenment and practical application.
She further explained that the tax burden has shifted from low-income earners to high-income earners. Her analysis focused on how the new tax law will impact three categories of taxpayers: employees, the self-employed, and small companies. Her presentation provided clearer insights into the mandatory requirements for tax payments, available exemptions, and the scale of tax deductions.
Mrs James also encouraged everyone to be responsible citizens by ensuring proper record keeping that details all income and filings. She concluded the engaging session by advising that “It is our moral duty and obligation as Christians to do what is right and keep proper records, in case there is a future need to clarify our returns or income.”
The Convener of the Summit, Pastor Tunde Netufo, expressed delight and appreciation for the turnout. He provided insight into the purpose and goal of the institution of this annual event, revealing that it was intended as a cornerstone of the Parish’s Christian Social Responsibility (CSR) efforts, inspired by the RCCG General Overseer, Pastor E.A. Adeboye.
According to Pastor Netufo, ‘the annual event aims to give back to society, stimulate economic growth, eradicate poverty and foster a just, egalitarian community where everyone, regardless of age, gender, social or religious status, can access a quality life’.
The theme “Positioned for Advantage in a Shifting Economy” could not be more timely, Pastor Netufo asserted, given the unpredictable nature of economic trajectories. “None of us can, with certainty, beat our chests and tell ourselves about the direction our economy is headed,” he remarked, citing the rapid evolution of the ongoing crisis in the Middle East.
Spiral effects are already evident, including spikes in crude oil prices and consequent surges in local fuel costs. “There is much more which I am sure you would like to know to position yourself for positive advancement lest you become a victim of the economic headwind,” he urged, highlighting the need for strategic positioning amid these headwinds.
He stressed that the government alone cannot address contemporary societal challenges, underscoring the church’s commitment to community impact. “It’s our own little way of impacting our community,” Netufo said, emphasising empowerment over temporary aid.
Drawing a clear distinction between short-term relief and lasting change, Pastor Netufo explained, “When you give a man food, you have only solved his problem, albeit momentarily. However, when you put him through the process of making food, you will succeed in making him his own man.”
This approach, he noted, enables individuals to empower others within their spheres, deepening economic activity and growth from the grassroots level.
The annual Economic Summit was well attended by both physical and online audiences, and it provided an impactful opportunity for thought-provoking questions and answers sessions in the course of the event.
