Inadequate Power Crippling Innovation, Economy, Says Elumelu

By Emma Okonji and Nosa Alekhuogie

Chairman, Transnational Corporation of Nigeria, Mr. Tony Elumelu, has called on the federal government to invest more in electricity supply in order to create an avenue for innovation and economic development.

According to him, business and economy would continue to be affected negatively, should the inadequate electricity supply in the country persists.
Elumelu who spoke Wednesday on the Morning Show of ARISE NEWS Channel, the broadcast arm of THISDAY Newspapers, said Nigerians would do better in business and creativity if they had steady electricity supply. He decried the situation where inadequate electricity supply was crippling innovation and the Nigerian economy.

“At Transcorp, we invest in power to help Nigerians have access to electricity because businesses across all sectors of the economy like health, e-Commerce, manufacturing, SMEs, among others, need power. They cannot grow their businesses with adequate electricity. Nigerian and African youths are multi-talented, but they need steady electricity supply to be creative and innovative. If government improves access to electricity in Nigeria, the Nigerian youths will create the the Nigerian version of Silicon Valley and the likes of Steve Job and Bill Gate. What is holding Nigerian youths to a large extent, is the lack of adequate electricity. Nigeria needs at least 100,000 MW of electricity a day to power the economy but today we operate less than 5,000 MW, and we need to do more. Government therefore needs to create the enabling environment for businesses to thrive,” Elumelu said.

According to him, “Government must collaborate with the private sector to drive the economy. As a Nigerian entrepreneur, I have invested in Nigeria and I am still investing in Nigeria and I am not stupid doing just that. It only shows there are investment opportunities in Nigeria, hence entrepreneurs like me continues to invest in Nigeria.”
Elumelu, who also spoke about the Ease-of-Doing-Business in Nigeria, said government must improve on its policy on the Ease-of-Doing-Businessn, in order to attract more investors. “The truth of the matter is that investors who are looking for where to invest their money, will go to countries where the policy on the Ease-of-Doing business is investor-friendly. The private sector must also work with government to ensure that the Ease-of-Doing-Business in Nigeria improves”, Elumelu said.,

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