Tony Elumelu, Chairman of Transcorp Group, has emphasized that Nigeria’s ambition to build a $1 trillion economy is unattainable without urgent and sustained efforts to address the country’s electricity sector challenges.
Speaking at Transcorp’s Annual General Meeting (AGM) in Abuja, Elumelu highlighted that access to reliable power remains the single most critical factor in transforming Nigeria’s economy, particularly as the country aims to increase contributions from non-oil sectors.
Elumelu pointed out that to achieve a $1 trillion economy, fixing the electricity sector is imperative. He noted that despite President Tinubu’s directive to remove impediments in the power sector, progress has been hindered by fear and hesitation among key stakeholders. Elumelu urged these individuals to translate the President’s vision into action.
Furthermore, Elumelu revealed that Transcorp Power, the electricity generation arm of Transcorp Group, is currently owed over $400 million (approximately N600 billion).
He argued that settling these debts is crucial to unlocking the sector’s potential and aligning with the President’s Renewed Hope Agenda, which aims to reposition Nigeria’s economy towards $1 trillion growth.
In conclusion, Elumelu asserted that fixing the power sector is essential for Nigeria’s economic transformation and achieving the $1 trillion economy target.
