- Tony Elumelu, Chairman of Heirs Holdings and Transcorp Power, has stressed that Nigeria’s development is unattainable without reliable electricity
- Elumelu highlighted the need for a robust power sector to support industrialisation and education, noting Nigeria’s current electricity generation.
Tony Elumelu, Chairman of Heirs Holdings, United Bank for Africa, and Transcorp Power has emphasised the critical role of reliable electricity in Nigeria’s development. Speaking at the Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Elumelu asserted that Nigeria’s industrialisation and overall progress are unattainable without a dependable power supply.
During his address, Elumelu highlighted that Nigeria’s ability to transform its abundant natural resources into substantial economic growth hinges on a robust electricity infrastructure. He stressed that without reliable power, Nigeria cannot industrialise effectively, and educational and economic opportunities for the youth will remain stifled.
“Development is impossible without reliable access to electricity,” Elumelu declared. “Nigeria cannot industrialise, and our youth cannot be educated unless we ensure our natural resources are converted into plentiful and robust power for all. We need a power ecosystem that fosters investment and drives our economy forward. To accelerate our progress, we must enable our power sector to guarantee reliable electricity for everyone.”
Elumelu’s remarks come at a time when Nigeria’s electricity generation capacity stands at approximately 5060.10 megawatts, which is inadequate for its estimated population of over 200 million people. This power shortfall significantly impacts various sectors, including industrial activities, education, and healthcare.
The two-day conference, titled ‘Accelerated Economic Growth and Development: The State of Play and the Way Forward,’ has attracted critical figures from Nigeria’s banking and finance sector. Notable attendees include Vice President Kashim Shettima, Abia State Governor Alex Otti, and other prominent personalities. The event aims to address critical issues related to economic growth and development, with a particular focus on the role of the power sector in driving Nigeria’s future.
Elumelu’s call for a strengthened power sector aligns with broader discussions at the conference about the need for systemic reforms and investments to boost Nigeria’s economic potential. As the nation grapples with energy challenges, Elumelu’s insights underscore the urgency of developing a reliable and efficient power infrastructure to support sustainable development and industrialisation.
The conference is a platform for industry leaders to explore strategies for overcoming current economic challenges and leveraging Nigeria’s resources to achieve accelerated growth and development.