President Bola Tinubu and the Electricity bill.Effect on Micro, Small and Medium Scale Enterprise (MSME) — Rilwan Adesoji Akanbi

The last few days activities by President Bola Tinubu has put smiles on the face of the citizens. The Renewed Hope is indeed manifesting.

Mr President accent of 2023 Electricity Act into law which feature predominantly on de-monopolizing Nigeria electricity act. He has broken the monopoly in electricity generation, transmission and distribution at the national level whereby States, Companies and Individuals can now generate, transmit and distribute electricity. This act shall place Nigeria among electricity reliability developing country.

The resultant effect of constant electricity on  Micro, Small, and Medium Enterprise (MSME) in tackling the high unemployment in the country are enumerated below.

With constant electricity,  there shall be Increase in Production and noticeable Economy Growth in all sectors thus stimulating MSME.

Cost-competitiveness is also to be secured with constant electricity.

MSME had a great capacity to tackle hugh unemployment especially among our youths which are 70% of our population thus leading to poverty reduction. 

Lack of constant Electricity has influence on investment decisions. Notable Industries left Nigeria shore due to lack of constant electricity. Constant Electricity plus funding MSME shall stimulate the economy and numerous MSME jobs shall be secured. The joy of over 39m Nigerians in MSME  shall leap in bound. 

Various Financial aid from the government on MSME which has not transferred into the policy actualization due to unavailability of constant electricity which strangulate the economy shall become a thing of the past.

Mr President accent to :

1) Electricity Act

2) Student loan Act

 is indeed a game changer. However, an increment in tertiary institution enrolment is envisaged as more youth shall return to school. 41% youth unemployment may rise in few years time. It is of utmost important for Mr.Presdent to act ahead by making MSME his priority towards Job creations.

MSME is among the sectors that can create jobs. It should be well looked into, well funded, and well managed. Sen Rilwan A Akanbi concluded that President Bola Tinubu will act promptly on MSME.