RCCG Economic Summit: Power Reforms Critical to Nigeria’s Economic Revival — Rewane
The Managing Director of Financial Derivatives Company, Bismarck Rewane, has emphasized the urgent need for reforming Nigeria’s power sector, describing it as a central pillar for unlocking economic growth and enhancing national productivity. Rewane delivered these remarks at the 2026 Economic Summit organized by the Redeemed Christian Church of God (RCCG), Christ the Lord Parish in Lekki, Lagos. The event was themed "Positioned for Advantage in a Shifting Economy."
Power as the Backbone of Economic Activity
Rewane warned that without a reliable electricity supply, Nigeria’s economic ambitions would remain challenging to achieve. He stated, "Economic productivity must improve, and it will be driven by power, agriculture, manufacturing, as well as fintech and telecommunications." He highlighted that unreliable power continues to constrain businesses, particularly small and medium-scale enterprises (SMEs), forcing many to depend on costly diesel and petrol to stay operational. Rising fuel costs further squeeze profit margins, as businesses often cannot immediately pass these increases to consumers who face stagnant incomes. Artisans and small-scale operators reliant on electricity for daily work are equally impacted, underscoring that "power remains a critical enabler of growth."
Historical Context and Investment Challenges
Providing historical context, Rewane noted that Nigeria has invested over $30 billion in the power sector since 1999, including approximately $16 billion during the administration of Olusegun Obasanjo. Despite this substantial investment, electricity generation has largely stagnated, with the country struggling to consistently produce about 4,000 megawatts—a level below what was achieved over two decades ago. He called for decisive and sustained reforms to reposition the sector for greater efficiency and growth, stressing that past efforts have not yielded the desired results.
Panel Discussions on Economic Strategies
The hybrid event featured panelists including Nike James, Sola Adesakin, Dr. Chidi Okpaluba, and moderator Uwa Osa-Oboh, who discussed strategies for navigating a rapidly changing economic landscape. They emphasized increased investment in key areas such as agriculture, manufacturing, fintech, infrastructure, and human capital development as essential for unlocking new opportunities. From an SME perspective, Dr. Okpaluba stressed the need for a mindset shift, noting that value creation and identity are critical to business success. On personal finance, Sola Adesakin encouraged participants to explore opportunities in the Nigerian stock market, pointing to recent growth trends and the importance of creating value. Offering insights on taxation, Nike James explained recent reforms, highlighting a shift in tax burden towards higher-income earners and outlining implications for employees, the self-employed, and small businesses, while emphasizing compliance and proper record-keeping.
Church’s Social Impact Initiative
In his remarks, the convener of the summit, Pastor Tunde Netufo, described the event as part of the church’s broader social impact initiative inspired by the RCCG General Overseer, Enoch Adeboye. He stated that the annual summit aims to promote economic empowerment, reduce poverty, and build a more inclusive society. Netufo noted that the theme reflects current global uncertainties, including developments in the Middle East that have contributed to rising crude oil prices and increased local fuel costs. He urged participants to adopt strategic thinking in navigating economic headwinds, stressing that sustainable progress requires collective effort beyond government intervention. "When you give a man food, you solve his problem temporarily. But when you equip him with the means to produce, you empower him for life," he said.
Event Impact and Audience Engagement
The summit attracted a wide audience, both in-person and online, and featured interactive sessions that provided practical insights for individuals and businesses seeking to adapt and thrive in a shifting economy. These discussions reinforced the importance of collaborative efforts and innovative approaches to address Nigeria’s economic challenges, with a particular focus on the critical role of power sector reforms in driving long-term growth and stability.
