16th July 2024, NewsOrient
Governance And Development, Business And Economy, News
By Anthony Nwaubani

There is always a window of economic opportunity in any situation – whether good, bad or ugly. On the other hand, real economic solutions don’t happen on their own but are products of strategic thinking and planning.

One of the strategic approaches to proffering solutions to economic challenges is the Pareto Principle, also known as 20-80 Rule. The principle was developed in 1896 by an Italian economist called Vilfredo Pareto.

It focuses on the identification of and dealing with the small percentage (20%) of any human challenges that are responsible for the greater percentage (80%) of the overall challenges. For instance, in a certain nation, it’s discovered that 20% of the politicians accounted for 80% of all the looted public funds within a certain period of time. In other words, it attacks the challenge from the root so that one solution too many will be achieved.

In Nigeria, the inability of the country to provide stable electricity supply is at the root of so many socio-economic challenges including unemployment, cost push inflation, low purchasing power, crimes, youth restiveness among others.

In Abia State, stable power supply is no less a serious fundamental challenge. Abia State is home to Aba, a town popularly referred to as the Japan of Africa and commercial nerve center of the South East (Nigeria). This town which is also known as Enyimba is blessed with high youthful population with obvious creative and innovative minds with less demands and dependency on government, except for the fundamentals of a modern society.

The youths are ready to fly if given the enabling environment. Generally, Aba is home to all tribes and tongues in Nigeria and neighboring African countries with everyone finding his/her level. The industrious and commercial life of the people are infectious, catching up with any new commer in town. The City is literally littered with markets and artisans’ workshops.

The Power Supply Transformation in Aba

The generally acclaimed successful economic transformations going on in Abia State and being driven by the administration of Dr. Alex Chioma Otti, OFR, as the governor, are outcomes of strategic thinking and well thought-out efforts.

Dr. Alex Otti, like the sons of Isaachar, who had understanding of the time, demonstrated that he understood and still understands what Abians need, particularly what’s key in the minds of the Enyimba population, when he engaged in a collaborative initiative with a private power plant, Geometric Power.

The focus of the initiative is generation and distribution of stable electricity within Aba and neighbouring local government areas. This strategic move fits into the Pareto Principle. The Geometric Power Plant was commissioned by the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, who was represented by the Vice President, Kashim Shettima, on February 26, 2024.

Three Months After Commissioning: What’s the Outcome?

As I implied earlier in this piece, economic solutions don’t come based on Rule of the Thumb. Economic efforts driven by clear cut strategic thinking coupled with outside the box approach, understanding the time and need and the root of the challenge, can be reasonably expected to yield desired outcome. This is what the situation is now in some parts of Aba which have been hooked to the Geometric Power Plant.

Parts of Aba such as Dubic Junction/Chief Ubani Road area, 7UP/Glass Industry area (all in Ogbor Hill), Ehi Road, School Road and others (inside the town), World Bank Housing Estate, Umuojima Road, and some parts of Osisioma are pleasantly surprised to experience stable Power Supply.

Testimonies

Some business owners are full of praises for Governor Otti for the stable power supply they are now experiencing. These include big time designers/tailors, welders, retail shop owners who sell drinks, barbing salons, among others. Some of the retail shop owners happily confirm that they sell more now as their drinks are chilled. Imagine when you go to bed with your fan or air conditioner on and as you wake up in the morning there is still power, imagine your generator being idle and standing by for weeks without the necessity to use it!

These are facts and realities so heart warming that one cannot afford not to tell the whole world whether asked or not. Those who have been jubilating and singing the praises of Governor Otti and thanking God and praying for him are sincerely expressing their appreciation of the socio-economic transformations of the Governor. Come to think about it, anyone who has experienced darkness and sees light and cannot appreciate it, may not have the character of a grateful heart.

It’s equally heartwarming to note that the administration of Dr. Alex Otti and the Geometric Power Plant are committed to ensuring that all parts of Aba and beyond are hooked to the power plant as scheduled. Therefore, if your area is not hooked, just relax it’s not forgotten. You will surely testify as others.

Economic Benefits
The economic benefits of stable power supply in a community/state/country are legion for they are many. I don’t intend to make this piece too long. I beg to shift discussion on the benefits to Part 2 of this Series.

Anthony Nwaubani (PhD, FCA, ACIB) is a Senior Special Assistant to the Governor of Abia State on Finance.

~ NewsOrient