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HomeBusinessTranscorp Chairman Elumelu advocates power sector investment, regulatory reforms for sustainable growth

Transcorp Chairman Elumelu advocates power sector investment, regulatory reforms for sustainable growth

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By Temi Olowu

The Chairman of Transcorp Plc, Tony Elumelu, has urged the federal government to channel investments into the country’s power sector and to put in place regulatory frameworks that incentivize success, ultimately channeling a sustainable and robust power supply to critical sectors including education, healthcare, and industries.

Elumelu, who spoke at the Annual General Conference of the Nigerian Bar Association (NBA) in Abuja on Sunday, noted that a perplexing irony shrouds Nigeria’s energy landscape: a nation boasting ample gas reserves grapples with underutilized power plants due to insufficient gas supply.

According to him, the vision of what could be achieved is already taking root, citing the success story of the TransAfam Power Plant, owned by the Transcorp Group, with a sizeable installed capacity of 1000 megawatts.

He said the Federal Government of Nigeria made a significant investment to acquire 240 megawatts of fast power turbines from General Electric (GE).

“For context, 240 megawatts of electricity can power 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 the 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 industrialization.

“Thanks to a short-sighted regulatory regime and self-serving policies that keep our people permanently in the dark, This has to change,” Elumelu, who is also the chairman of the United Bank for Africa (UBA), stated.

He said an urgent transformation is imperative. A recalibration of regulatory policies coupled with a strategic infusion of private investment in gas production are vital measures needed to ensure Nigeria’s energy landscape aligns with its abundant resource potential and to usher the nation into an era of bright and sustainable progress.

He, however, noted that in the pursuit of transformative change in Nigeria, a concerted endeavor that transcends political allegiances, ethnic distinctions, and socioeconomic variations is imperative.

He stated that the responsibility for this monumental journey extends far beyond the government’s realm, saying, “Great nations start with great people, not just great leaders.

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Our private sector, our philanthropies, our civil society, and all citizens must be brought together and empowered as real, valued, and executing partners for this national renewal, this nation-building. It behoves us all to collaborate in unity to reset Nigeria.

He said, “Nation building is not a quick fix; it entails sacrifices. We cannot keep doing the same things and expect different outcomes.

“Let us lead our nation’s building by laying those important foundations for our nation—let us renew our infrastructure,” he said.

He also urged for the development of youth talents across all strata of economic and social development, stating that youth in the country must be giving hope for a better tomorrow.

“When my wife and I committed USD100m to help democratize luck and empower our youth through The Tony Elumelu Foundation, giving annual non-refundable grants of USD5k seed capital to each beneficiary, now received by over 18,000 young Africans, it was not out of an abundance of wealth. Rather, it was our own contribution to spreading prosperity and making the world a better and safer place for all.

This is why all of us must think of legacy and play our part now, if we can, to urgently support our young ones to become economically engaged; otherwise,  we are doomed.

We must give them hope. Hope of a better tomorrow.

Let us not underestimate the power of hope. Hope is what fuels the dreams of our youth, ignites the determination of our entrepreneurs, and unites us in our pursuit of a better future.

Nations that prioritize their young go far; it is no coincidence that an America that created Harvard and Stanford also produced Amazon, Microsoft, and Google. We need the same focus on our young, their futures, and their ambitions.

“For context, 240 megawatts of electricity can power 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 the 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 industrialization.

“Thanks to a short-sighted regulatory regime and self-serving policies that keep our people permanently in the dark, This has to change,” Elumelu, who is also the chairman of the United Bank for Africa (UBA), stated.

Consequently, an urgent transformation is imperative. A recalibration of regulatory policies coupled with a strategic infusion of private investment in gas production are vital measures needed to ensure Nigeria’s energy landscape aligns with its abundant resource potential and to usher the nation into an era of bright and sustainable progress.

He, however, noted that in the pursuit of transformative change in Nigeria, a concerted endeavor that transcends political allegiances, ethnic distinctions, and socioeconomic variations is imperative.

He stated that the responsibility for this monumental journey extends far beyond the government’s realm, saying, “Great nations start with great people, not just great leaders. Our private sector, our philanthropies, our civil society, and all citizens must be brought together and empowered as real, valued, and executing partners for this national renewal, this nation-building. It behoves us all to collaborate in unity to reset Nigeria.

He said, “Nation building is not a quick fix; it entails sacrifices. We cannot keep doing the same things and expect different outcomes.

“Let us lead our nation’s building by laying those important foundations for our nation—let us renew our infrastructure,” he said.

He also urged for the development of youth talents across all strata of economic and social development, stating that youth in the country must be given hope for a better tomorrow.

“When my wife and I committed USD100m to help democratize luck and empower our youth through The Tony Elumelu Foundation, giving annual non-refundable grants of USD5k seed capital to each beneficiary, now received by over 18,000 young Africans, it was not out of an abundance of wealth.

“Rather, it was our own contribution to spreading prosperity and making the world a better and safer place for all.

“Poverty anywhere is a threat to all of us everywhere. The ultimate panacea for insecurity and extremism is prosperity,” he noted.

This is why all of us must think of legacy and play our part now, if we can, to urgently support our young ones to become economically engaged; otherwise,  we are doomed.

We must give them hope. Hope of a better tomorrow.

Let us not underestimate the power of hope. Hope is what fuels the dreams of our youth, ignites the determination of our entrepreneurs, and unites us in our pursuit of a better future.

Nations that prioritize their young go far; it is no coincidence that an America that created Harvard and Stanford also produced Amazon, Microsoft, and Google. We need the same focus on our young, their futures, and their ambitions.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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