A prominent entrepreneur, Alhaji Yakubu Olayiwola Gobir, yesterday identified stable electricity and quality infrastructure as major ingredients to stimulate the economic growth.

He explained that Nigeria is undergoing a very critical time in the annals of recession in the globe, saying the situation has become very challenging for entrepreneurship and those willing to invest in the country.

Addressing journalists in Ilorin, Gobir stated that the scarcity of forex at official rate made it herculean to run business profitably.

He warned that the ongoing efforts to revive the moribund economy would provide futile if the power and infrastructure were not critically addressed.

The seasoned entrepreneur challenged the government to review the privatization policy in the power sector, saying that the government decision to hand over the sector to private individuals was not sustainable.

Gobir said most of the (electricity) Generating Companies are indebted to banks and thus could not guarantee their effectiveness in providing stable electricity in the country.

The Lagos-based business mogul also cautioned the government against adoption of austerity in the present economic situation, pointing out that such was not the best considering by social implication.

He pleaded with the government to make palliative available for Nigerians to relieve them of the hardship the current circumstance imposed on them.

Gobir harped on the need to revive the industries that had gone comatose in order to provide more jobs for the teeming populace.

"We are at a very critical time in the history of this nation. This is the worst economic recession we have experienced in recent times. It is a very challenging time for entrepreneurship in this country. Another thing is that the scarcity of forex had made it difficult to run business profitably.

"It is not possible to look at the economic solution without social implication. The two are like Siamese twins that cannot leave each other. Then austerity is not best for Nigeria considering the social implication.

"We need to appeal to the government to put in place first aid so as to relieve the people of the economic problems. We also need to ensure food security for Nigerians", he said.

He also called for injection of fund into the economy, particularly from the recovered loots in the bid to stimulate the economic growth.

Gobir, who also noted that the war against corruption is fundamental to economic recovery, urged the government to strength the judiciary, the rule of law and the anti-graft institutions.