Adeosun blames Nigeria’s power problem on World Bank, IMF

The Federal Government on Wednesday accused the World Bank and the International Monetary Fund (IMF) for contributing to the problem of power shortage in the country by frustrating the country’s efforts at addressing the electricity supply deficit facing the country through the use of coal.

Speaking during a panel discussion at the on-going International Monetary Fund (IMF)/ World Bank meeting in Washington DC, Finance Minister, Mrs Kemi Adeosun described the multilateral institutions and their western backers as hypocrites for denying Nigeria and other African countries opportunity to use coal to generate electricity.

According to her, “I am going to point fingers at multilateral institutions and the West (of double standard). A good example is the coal fired power plants. In Nigeria, we have coal but we have power problem, yet we’ve been blocked because it is not green, there is hypocrisy because we have the entire western industrialisation built on coal energy; that is the competitive advantage that they have been using.

“Now Africa wants to use coal and suddenly they are saying oh! You have to use solar and wind (renewable energy) which are the most expensive, after polluting the environment for hundreds of years. Now that Africa wants to use coal they deny us.”

Adeosun agreed that Africa needed to make investment in infrastructure adding that there must be a level playing field for all. “We need policy consistency to attract bankable projects, we also need macro-economic stability, but if you want to phase out coal, no problem but those who started it should lead, those who want us to stop using dirty fuel should stop it first before telling us not to use it. By telling us not to use coal, they are pushing us into the destructive cycle of underdevelopment, while you have competitive advantage, you tie our hands behind us,” she said.