The Tony Elumelu Foundation’s Founder, Tony Elumelu, has disclosed that a lack of appropriate gas supply is impacting the operation of the country’s power plants.
According to The Punch, he claimed this was harming the country’s electricity supplies. He mentioned this on Sunday at the Nigerian Bar Association’s Annual General Conference.
During his remarks at the occasion, he stated that it was time for the country to invest in its power industry and build regulatory institutions that would provide people, schools, hospitals, and companies with sustainable electricity supply.
“Isn’t it ironic that a country with abundant gas resources cannot optimally operate its power plants due to a lack of gas?” Elumelu asked. I’ve seen the beginnings of what we’re capable of. As an example, consider the following: The TransAfam Power Plant, owned by Transcorp Group, has a capacity of 1000 megawatts.
“The Federal Government of Nigeria made a large investment in General Electric’s 240-megawatt fast power turbines. In Nigeria, 240 megawatts of electricity can power around one million houses.”
He added that GE has threatened to withdraw from the project since our country, which has some of the world’s largest gas reserves, could not produce the 65mm scuffs of gas required for complete testing of the installed fast power plant.
According to him, the country has dormant gas fields despite the fact that there is so much private wealth available for critical investments in gas production.
He claimed that regulatory restrictions and self-serving policies were impeding these investments.
The foundation’s CEO added that Nigeria’s private sector has demonstrated to the watching world the nation’s capacity, inventiveness, and institutionalization. He, on the other hand, believes that there are simply too few global enterprises with Nigerian origins.
Elumelu stated that energy shortfalls and youth disillusionment, manifested in the loss of talent, were also affecting the country.
In response to the country’s security condition, he stated, “Insecurity breeds disorder, feeds intolerance, and destroys opportunity.” Let us make an investment in security. banditry, kidnapping, oil theft, pipeline vandalization, transmission line cuts-create uncertainties, fears, deprivation, poverty, and untold hardship.”
He also stated that the government’s recent actions will have a positive long-term impact on the country as he believes that Nigeria is a country of entrepreneurs that needs to be more deliberate about its people.
“We need to renew our commitment to our youth, provide them with the means to succeed in Nigeria, not beyond Nigeria,” he remarked. This entails investing not only in our educational system but also in our entrepreneurial culture.
He also urged private-sector executives to regard themselves as the source of innovation, investment, and job creation. He emphasised that fostering entrepreneurship is a social obligation as well as an economic undertaking.
“In conclusion,” Elumelu stated, “let us approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity, and progress.”