Transcorp Group Chairman, Mr Tony Elumelu, has said that Nigeria’s ambition to build a $1tn economy cannot be realised without urgent and sustained efforts to address challenges in the country’s electricity sector.
Elumelu, who spoke on Wednesday at the company’s Annual General Meeting held in Abuja, said access to reliable power remains the single most critical factor in transforming the Nigerian economy, particularly as the country pushes for increased contribution from the non-oil sector.
“I want to use this opportunity to reiterate that access to electricity remains the single most critical factor in fixing the Nigerian economy, especially as we seek to have the non-oil sector make greater contributions to our economy,” he said.
“We must, therefore, fix power to fix and transform Nigeria. We know that to grow a $1tn economy, electricity must be fixed. That is not the case today,” he added.
Elumelu noted that although President Bola Tinubu had directed last year that all impediments to the power sector be removed, the pace of implementation remained slow.
“The president directed last year that all impediments to the power sector should be removed. But I’m afraid to say that critical people who should help to see the president’s vision come alive are afraid to do so. May I use this opportunity to call on them to help translate the President’s initiative idea into action?” he said.
Elumelu also raised concerns about the huge debts owed to Transcorp by the Federal Government for electricity supplied to the national grid.
According to him, the government currently owes the group over N600bn.
“As of date, our Federal Government owes your company over N600bn. That is $400m,” he said. “Much as we, patriotic Nigerian investors, are committed to supporting the efforts of the Federal Government in fixing the economy, we have a rather excruciating burden of subsidising the sector. It requires urgent attention.”
He acknowledged efforts by the present administration to address liquidity issues in the power sector, including the Presidential Metering Initiative and transmission reforms, but stressed that implementation must be swift to prevent further deterioration.
