Our reporter/ The founder of the Tony Elumelu Foundation (TEF), Tony Elumelu on Sunday called for investments in Nigeria’s power sector to boost the economy and 21st Century industrialisation.
Elumelu, who spoke at the ongoing Nigerian Bar Association (NBA) annual general conference in Abuja, also noted that it was ironic that Nigeria has abundant gas resources but cannot optimally operate its power plants due to lack of gas.
The chairman of Transcorp Power Limited, emphasised the importance of creating regulatory structures that deliver to hospitals and industries the sustainable, robust power supply that the country so urgently needs.
“I have seen the beginnings of what we can do. Let me give you an example: The TransAfamPower Plant that belongs to Transcorp Group has an installed capacity of 1000 megawatts. The Federal Government of Nigeria made significant investment to acquire 240 megawatts fast power turbines from General Electric (GE),” he said.
“For context, 240 megawatts of electricity canpower about one million homes in Nigeria.
“Yet GE has threatened to pull out of the project, because our nation – with some of the largest gas reserves globally, could not provide 65mm scuffs of gas needed for the comprehensive testing of the installed fast power plant.
“We have idle gas fields and there is so much private capital to make the needed investments for gas production. Yet, we cannot produce gas to power our economy and 21st Century industrialisation. Thanks to a short-sighted regulatory regime and self-serving policies that keep our people permanently in the dark. This has to change.
“Let us invest in our women. When a woman succeeds, families and communities are lifted out of poverty. It is no surprise that in my businesses, women lead and flourish,” he added.
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