As a result, huge Numbers of industrial, commercialandresidentialestablishments ran their ownpower generators-producing electricityathighcostto themselvesand the Nigerian economy.
The combination of economic reforms and high oil prices have propelled the Nigerianeconomy forward, giving a important boost to Africa's most populous country ravaged by years of domestic strife and the effects of military dictatorship.
Akerele says that although the reality in Nigeria is that most people live in poverty, the rise of sectors such as telecommunications and the diversification of the Nigerianeconomy beyond oil and gas has created an emerging middle class with bigger spending power.
"The establishment of Amcon is a reflection of the government's commitment to safeguard the interests of depositors, creditors and other stakeholders in the Nigerian financial system, and in doing so rejuvenate the domestic economy, " said the president.