Gas scarcity affecting power plant operations, Elumelu tells FG

The Tony Elumelu Foundation’s founder, Tony Elumelu, said that the country’s power plants are having trouble operating due to a lack of sufficient gas supplies.

He hinted that this was having an impact on the nation’s electrical supply. At the Nigerian Bar Association’s annual general conference on Sunday, he made this statement.

In his remarks at the event, he stated that it was time for the nation to make investments in the power industry and establish regulatory frameworks to provide a sustainable supply of electricity to the populace, businesses, and institutions like hospitals, schools, and labs.

Elumelu remarked, “Is it not ironic that a nation with plentiful gas resources is unable to operate its power plants at their peak efficiency owing to gas shortages. The beginnings of what we can do are what I have seen. As an illustration, let me say: The 1000 megawatt installed capacity of the TransAfam Power Plant, which is a part of the Transcorp Group. General Electric sold 240 megawatts worth of fast power turbines to the Federal Government of Nigeria in exchange for a sizeable investment. For reference, 240 megawatts of electricity can run nearly a million houses in Nigeria. However, GE has threatened to abandon the project since our country, which has some of the world’s largest gas reserves, was unable to supply the 65mm scuffs of gas required for the thorough testing of the installed fast power plant.

Although there is a lot of private wealth that might be used to make the necessary investments for gas production, he claims that the country still has unutilized gas reserves.

He claimed that regulatory restrictions and self-serving policies were preventing these investments.

The foundation’s founder went on to say that Nigeria’s private sector has been showcasing its capacity, innovation, and institutionalization to the world. But according to him, there are far too few multinational companies with Nigerian roots.

Elumelu emphasized that the country was also being impacted by energy shortages, youth disenchantment manifesting in the loss of talent, among many other things.

“Insecurity creates unrest, feeds intolerance, and kills opportunity,” he remarked in reference to the nation’s security condition. Invest in security, please. Banditry, kidnapping, oil theft, pipeline vandalism, and transmission line cuts engender unease, anxiety, privation, poverty, and unspeakable suffering.

Additionally, he pointed out that the current government actions will benefit the nation over the long term. Elumelu asserts that Nigeria is a nation of businesspeople and that it needs to be thoughtful about its citizens.

He declared, “Investing in our youth – we need to reaffirm our commitment to our youth, give them the tools to achieve in Nigeria — not outside Nigeria. This entails not only investing in our educational system but also in our entrepreneurial culture.

Nigeria is a country of entrepreneurs; as an investor and a supporter of entrepreneurs, I am aware of the positive social and economic effects that entrepreneurship has. To support our young people and entrepreneurs at the greatest level, let’s form a collaborative government task force.

In addition, he cautioned business executives to view themselves as the source of investment, the driver of innovation, and the generator of new jobs. He said it is a civic obligation as much as an economic one to support entrepreneurship.

Elumelu added, “In light of the foregoing, let us tackle the mission of nation-building with unyielding commitment, guided by the values of unity, inclusivity, and progress.”