Nigeria cannot develop without reliable access to electricity, says Elumelu

Billionaire businessman and chairman of the United Bank for Africa (UBA), Tony Elumelu has pointed out that the development of any country is impossible without access to reliable electricity to drive industrialization.

Elumelu said this on Tuesday while delivering the keynote address at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

In his speech titled “Accelerating Economic Growth and Development: Current Situation and the Way Forward,” Elumelu said 2024 was a tough year for Nigeria, in particular, with persistent inflation spikes causing “pain across our economy.”

Elumelu said there must be access to electricity, security and youth entrepreneurship.

“Development is impossible without reliable access to electricity. Electricity is a fundamental resource that impacts every aspect of life—from hospitals to homes and businesses.

“Nigeria cannot industrialize, and our youth cannot be educated, without ensuring that our abundant natural resources are converted into abundant and powerful electricity for all.

“The power ecosystem drives investment and opens up our economy.

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“To accelerate our progress, we must be able to ensure that our electricity sector can guarantee reliable electricity availability for everyone.

Elumelu also lamented what he described as the lack of a comprehensive strategy to support the country’s large and diverse population and unlock its potential.

“Our country has been hit hard. As a country, we import more than we export, and with a struggling manufacturing sector and continued population growth, we need more than just short-term interventions.”

“We need a comprehensive strategy to support our large and diverse population and unlock our potential. Nigeria is rich in resources, both natural and human. Yet, time and again, we fail to invest in our people and our value chains.

“And by value chain I don’t just mean oil & gas or manufacturing, but also electricity, our schools, universities and institutions.

“All of these foundations provide the ecosystem for a country to achieve success. A country that does not meet its basic infrastructure needs is a country that cannot realize its potential.

“In these times of uncertainty, all of us – citizens and governments – must turn this crisis into an opportunity—a blueprint for creating a thriving environment, friendly to people and investors.”

By: Babajide Okeowo

Nigeria cannot thrive without reliable access to electricity, says Elumelu first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.