Renowned entrepreneur and philanthropist, Tony Elumelu, shed light on the critical issue of gas supply hindering power plant operations in Nigeria during his address at the Nigerian Bar Association’s Annual General Conference.
Elumelu emphasized the need for strategic investments and regulatory reforms to address the country’s power deficit and ensure sustainable electricity supply to essential sectors like education, healthcare, and industries.
Elumelu highlighted the irony of Nigeria’s abundant gas resources while struggling to effectively operate power plants due to gas shortages.
He provided a concrete example of the TransAfam Power Plant’s predicament, which possesses an installed capacity of 1000 megawatts but is hampered by a lack of adequate gas supply for comprehensive testing.
Addressing the discrepancy between available gas fields and the lack of investments in gas production, Elumelu stressed the importance of overcoming regulatory constraints and self-serving policies that hinder progress.
He urged the Nigerian private sector to demonstrate its capabilities globally, fostering innovation, and attracting investments to drive economic growth.
Elumelu also pointed out that energy deficits and the disillusionment of the youth are negatively impacting the nation.
He emphasized that insecurity perpetuates disorder and impedes progress, calling for significant investments in security measures to counter challenges such as banditry, kidnapping, and pipeline vandalization.
Commenting on recent government policies, Elumelu acknowledged their potential for long-term positive effects on the nation.
He emphasized the importance of nurturing entrepreneurship as a driving force for economic development and social responsibility.
He proposed the creation of a government task force to support youth and entrepreneurs and encouraged private sector leaders to champion innovation, investment, and job creation.
Elumelu concluded his address by urging a united and inclusive approach to nation-building, guided by the principles of progress and unity.
His thought-provoking insights underscore the need for holistic solutions and collaborative efforts to address Nigeria’s power challenges and pave the way for a brighter future.