Attah: Economic Reforms Must be Measured by Actual Productivity

Tony Attah, Managing Director and CEO of Renaissance Africa Energy Company, has called for Nigeria to shift its focus from policy pronouncements to tangible results in its economic reform efforts. Attah emphasized that a dependable energy supply is the most crucial measure of real economic transformation.

Speaking at the 20th Annual Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Abuja, Attah joined industry and policy leaders to assess whether the ongoing macroeconomic reforms are yielding concrete benefits. He stated that while reforms are in progress, their true impact should be evaluated based on improvements in productivity and industrial performance, particularly through consistent and affordable power. "Energy is the single most important input into Nigeria’s real sector, and today, it is also its biggest constraint," Attah observed. He pointed out that businesses' continued reliance on costly self-generated power significantly drives up operating expenses.

Attah positioned Renaissance Africa Energy Company as a timely and strategic response to Nigeria's economic challenges. He explained that the company's vision centers on ensuring energy security and fostering industrialization through sustainable operations, while simultaneously promoting African-led value creation.

Highlighting the company's early successes, Attah reported that Renaissance achieved over 40 percent growth in upstream production within its first 100 days after transitioning from the Shell Petroleum Development Company (SPDC). This expansion has increased the availability of feedstock essential for power generation and various industrial applications, directly addressing a key bottleneck in Nigeria's economy.

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Energy is the single most important input into Nigeria’s real sector, and today, it is also its biggest constraint.