Chairman of Transcorp Group, Tony Elumelu, has warned that Nigeria’s ambition to build a $1 trillion economy is unattainable without urgent reforms in the country’s ailing electricity sector.
Speaking at Transcorp’s Annual General Meeting (AGM) in Abuja on Wednesday, Elumelu described reliable power supply as the “single most critical factor” for transforming Nigeria’s economy, particularly in boosting the non-oil sector.
“Access to electricity remains the single most critical factor in fixing the Nigerian economy, especially as we seek to have the non-oil sector make greater contributions,” he stated.
Elumelu expressed concern over the slow implementation of directives from President Bola Tinubu aimed at removing obstacles in the sector, blaming a lack of boldness from key stakeholders.
“The president directed last year that all impediments to the power sector should be removed. But I’m afraid to say that critical people who should help to see the president’s vision come alive are afraid to do so,” he said.
The business mogul also disclosed that Transcorp Power is owed over N600 billion (about $400 million) by the federal government for electricity supplied to the national grid, calling it an “excruciating burden” on private investors who are effectively subsidising the sector.
While acknowledging some progress—including the presidential metering initiative and transmission reforms—Elumelu stressed that faster implementation is needed to avert a worsening power crisis.
