Elumelu proffers solutions to inefficient power generation

Founder of the Tony Elumelu Foundation (TEF) Tony Elumelu, has called for financial support to Nigeria’s energy sector.

He made this call on Sunday in Abuja at the annual general meeting of the Nigerian Bar Association (NBA).

Elumelu, who also serves as the chairman of Transcorp Power Limited, referred to it as “ironic” that Nigeria has a surplus of gas resources but is unable to run its power plants to their full potential due to a gas shortage.

He stressed the significance of developing the regulatory frameworks required to provide hospitals and businesses with the reliable, sustainable electricity supply that the nation so desperately needs.

Read Also: Tony Elumelu increases net worth in UBA to N22.85 billion

“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 canpower 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.”

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