JUST IN: MSMEs’ll benefit from Electricity Act signed by Tinubu – Sen. Akanbi

A chieftain of the All Progressives Congress, APC, Senator Rilwan Akanbi, has said that President Bola Tinubu’s Renewed Hope was becoming visible.

Akanbi said his assent to the 2023 Electricity Bill was laudable, noting that it would de-monopolize power in the country.

According to him, Tinubu ended the stranglehold on electricity generation, transmission and distribution at the national level, saying states, organisations and individuals can now generate, transmit and distribute electricity.

Akanbi stated: “With constant electricity, there shall be an increase in production and noticeable economic growth in all sectors, thus stimulating micro, small and medium enterprises, MSMEs.

“Cost-competitiveness is also to be secured with constant electricity. MSMEs had a great capacity to tackle high unemployment especially among our youths which are 70 per cent of our population, thus leading to poverty reduction.

“Lack of constant electricity has an influence on investment decisions. Notable Industries left Nigeria due to lack of constant electricity.

“Various financial aid from the government on MSMEs, which has not been transferred into the policy actualization due to unavailability of constant electricity which strangulates the economy, shall become a thing of the past.

“Mr. President’s accent is indeed a game changer as constant electricity plus funding MSME shall stimulate the economy and numerous MSMEs jobs shall be secured. The joy of over 39 million Nigerians in MSMEs shall leap in bound.”