Elumelu Hails FG’s Economic Reform, Says Nation Building Entails Sacrifice

 James Emejo

The Founder, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, has commended the administration of President Bola Tinubu for the political will and courage so far taken to “address the root causes of issues, to introduce policies for the long term, not for the short term”.

Elumelu noted that nation building was not a quick fix but required sacrifices adding that, “We cannot keep doing the same things and expect different outcomes.”

Speaking at the opening of the Nigerian Bar Association (NBA) Annual General Conference in Abuja, he stressed the need to lay important foundations for the country as well as renew the collective infrastructure.

He called for investment in power and social infrastructure and made a passionate plea to the government to harness the country’s gas resources.

According to him, short-sighted regulatory regime, and self-serving policies in previous administrations had stifled efforts to harness the country’s power and gas potential.

Elumelu said, “Let us invest in our power sector – let us create regulatory structures that reward success, that deliver to our people, our schools, our hospitals and our industries, the sustainable, robust power supply that our country so urgently needs.

“Is it not ironic that a country with abundant gas resources cannot optimally operate its power plants due to lack of gas.

“I have seen the beginnings of what we can do.  Let me give you an example: The TransAfam Power Plant that belongs to Transcorp Group has an installed capacity of 1000 megawatts. 

“The Federal Government of Nigeria made a significant investment to acquire 240 megawatts fast power turbines from General Electric (GE).

“For context, 240 megawatts of electricity can power about one million homes in Nigeria.

“Yet GE has threatened to pull out of the project, because our nation – with some of the largest gas reserves globally, could not provide 65mm scuffs of gas needed for the comprehensive testing of the installed fast power plant.”

He said, “We have idle gas fields and there is so much private capital to make the needed investments for gas production.  Yet, we cannot produce gas to power our economy and 21st Century industrialisation.  Thanks to a short-sighted regulatory regime and self-serving policies that keep our people permanently in the dark.  This has to change.”

He urged Tinubu to step up the bold reforms by investing not just on roads, rail, bridges, or ports, but also in youths, entrepreneurial culture, harping on the social and economic returns which entrepreneurship creates in an economy.

He stressed that “When entrepreneurs succeed, we succeed as a nation.  If they don’t, we all fail”.

Elemelu said, “The nurturing of entrepreneurship is not merely an economic endeavour, but a social responsibility. By empowering our youth, supporting start-ups and SMEs, the private sector contributes to equitable wealth distribution, job creation, and social advancement. 

“It paves the way for economic empowerment that uplifts communities and contributes to a more inclusive society. We all owe this to our people, even for our own enlightened self-interest.”

He said, “For me this is nothing less than a fundamental renewal of the social and economic infrastructure of Nigeria.  The contract between a nation and its people.

“We have already seen that tough, long avoided economic decisions have been taken. We salute the political will and courage that have been found to address the root causes of issues, to introduce policies for the long term, not for the short term.

“Let us build on this boldness.  Congratulations President Bola Ahmed Tinubu. Nation building is not a quick fix, it entails sacrifices.  We cannot keep doing the same things and expect different outcomes.”

Elumelu also disclosed that the foundation had committed $100 million to youth empowerment in a bid to help address poverty by “spreading prosperity and making the world a better and safer place for all”.

He said, “When my wife and I committed $100 million to help democratize luck and empower our youth, through the Tony Elumelu Foundation, giving annual non-refundable grants of $5,000 seed capital to each beneficiary, now received by over 18,000 young Africans, it was not out of an abundance of wealth. Rather it was our own contribution in spreading prosperity and making the world a better and safer place for all.”