Billionaire businessman and chairman of the United Bank for Africa (UBA), Tony Elumelu has pointed out that development of any country is impossible without access to reliable electricity to drive industrialization.
Elumelu made this known on Tuesday while delivering the keynote address at the Chartered Institute of Bankers of Nigeria (CIBN) 17th Annual Banking and Finance Conference in Abuja.
In the speech titled “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” Elumelu said 2024 has been a tough year for Nigeria, especially, with the persistent surge in inflation that has caused “pain across our economy”.
Elumelu said there must be access to electricity, security and youth entrepreneurship.
“Development is impossible without reliable access to electricity. Power is a fundamental resource, that impacts every aspect of life—from hospitals to homes and businesses.
“Nigeria cannot industrialise, and our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all.
“A power ecosystem that encourages investment and unlocks our economy.
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“To accelerate our progress, we must enable our power sector to guarantee reliable electricity for everyone.
Elumelu also bemoaned what he described as the lack of comprehensive strategy to support the country’s vast and diverse population and unlock her potential.
“Our country has been hit hard. As a nation, we import more than we export, and with a manufacturing sector struggling and the continued growth of our population, we require more than just short-term interventions”.
“We need a comprehensive strategy to support our vast and diverse population and unlock our potential. Nigeria is rich in resources, natural and human. But, time and time again, we have failed to invest in our people and our value chain.
“And by value chain, I mean not just our oil & gas or manufacturing, I mean power, I mean schools, universities, our institutions.
“All those foundations that provide the ecosystem for a country to succeed. A country that does not address its basic infrastructure needs, is a country that cannot realise its potential.
“At this time of uncertainty, we all – citizens and government – must transform this crisis into an opportunity—a blueprint for creating a thriving, people and investor-friendly environment.”
By: Babajide Okeowo
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