TheCable

Tony Elumelu, founder of the Tony Elumelu Foundation (TEF), has called for investments in Nigeria’s power sector.

He spoke on Sunday in Abuja at the Nigerian Bar Association (NBA) annual general conference.

Elumelu, who is also the chairman of Transcorp Power Limited, said it was “ironic” that Nigeria has abundant gas resources but cannot optimally operate its power plants due to lack of gas.

He 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 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 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.”

The billionaire businessman also urged the country to invest in security as banditry, kidnapping, oil theft, pipeline vandalisation and transmission line cuts create uncertainties, fears, deprivation, poverty, and untold hardship.