According to Tony Elumelu, the founder of The Tony Elumelu Foundation, the country’s power plants are having trouble operating due to a lack of enough gas supplies.
The country’s electrical supply was being impacted by this, he suggested. This was said by him on Sunday during the Nigerian Bar Association’s Annual General Conference.
He made the following remarks during the event: “It is time for the government to invest in its power industry and build regulatory frameworks that would offer sustainable electricity supply to the people, schools, hospitals, and industries.”
“Is it not paradoxical that a nation with plentiful gas resources cannot operate its power plants at their best owing to a paucity of gas,” Elumelu asked. I have witnessed the beginnings of what we are capable of. I’ll use the following as an illustration: The TransAfam Power Plant, which is a part of the Transcorp Group, has an installed capacity of 1000 megawatts. The Federal Government of Nigeria invested a sizeable sum to buy 240 megawatts of rapid power turbines from General Electric. A million households in Nigeria can be powered by 240 megawatts of electricity, for reference. In spite of this, GE has threatened to abandon the project since 65 mm scuffs of gas, which are required for the thorough testing of the installed fast power plant, could not be supplied by our country, which has among of the world’s largest gas reserves.
He claims that despite the fact that there is a lot of private wealth that might be used to make the necessary investments for gas production, the nation still has unutilized gas fields.
According to him, these investments were being held back by regulatory restrictions and self-serving practices.
The foundation’s founder added that Nigeria’s private sector has demonstrated to the observing world the nation’s capacity, inventiveness, and institutionalization. However, he claimed that there weren’t nearly enough of these multinational companies with Nigerian roots.
Elumelu emphasized that the nation was also being affected by energy shortages, youth disenchantment manifesting in the loss of talent, among other things.
Commenting on the nation’s security condition, he said, “Insecurity creates instability, feeds intolerance, and destroys opportunity. Let’s make a security investment. Banditry, kidnapping, oil theft, pipeline vandalism, and transmission line cuts cause uncertainty, dread, privation, poverty, and incalculable suffering.
He added that the government’s recent initiatives will benefit the nation in the long run. Elumelu asserts that Nigeria is a nation of businesspeople and that it needs to be careful with its populace.
He stated, “Investment in our kids – we need to reinvigorate our commitment to our youth, give them the tools to achieve in Nigeria — not beyond Nigeria. Investment in our entrepreneurial culture must also be made, in addition to investments in our educational system.
“Nigeria is a country of entrepreneurs; as an investor and a supporter of entrepreneurs, I am aware of the positive social and economic effects that entrepreneurship has. Let’s establish a unified government task group to support our entrepreneurs and young people at the highest level.
He further advised business executives to regard themselves as the source of investment, the driver of innovation, and the generators of jobs. He claimed that encouraging entrepreneurship is not just an economic endeavor but also a social responsibility.
“In conclusion, let us tackle the mission of nation-building with unflinching commitment, guided by the ideals of unity, inclusivity, and progress,” Elumelu said in his conclusion.
