LAGOS – The Managing Director and Chief Executive Officer, Coleman Wires and Cables Industries Ltd., Mr George Onafowokan has urged the Federal Government to prioritise homegrown solutions for a sustainable and resilient energy developed economy.

Onafowokan made the call in a statement on Wednesday, against the backdrop of government’s 2024 declaration of investment opportunities in gas, hydro, coal, and renewable energy projects.

According to him, there was an urgent need to industrialise the sector by fully deregulating the power industry, as well as, ensuring that all transmission and power project materials were locally sourced.

He commended President Bola Tinubu for beaming a spotlight on the sector, stating that the challenges in the sector had lasted for too long and requires long-term strategic solutions.

“The use of obsolete wires and cables must be eliminated. Nigeria has more than enough capacity to meet and exceed its power sector needs if we focus on local production.

“These challenges have persisted for years, and I sympathise with this government because they inherited them. Solving electricity issues is not an overnight task. Grid collapses and insufficient power supply result from an imbalance between power generation and transmission,” Onafowokan explained.

He, however, stressed that budgetary allocations alone would not solve the sector’s crisis, adding that the sector needed effective policy implementation.