For Nigeria’s economy to find it foot firmly rooted,it needs
at least 100,000MW of power generation to strengthen its economy,Tony Elumelu, Chairman, Transcorp Group, has said.
He said there is need also to stabilize the transmission lines and ensure access to gas supply,
Elumelu stated these in an interview with Arise Television
He emphasized the need for an improvement in power generation output in the country.
The country currently generates less than 5000MW of electricity with a demand of at least 28,000MW,he said.
”Nigerians to heave a sigh of relief in the sector, it needs to boost generation, fix gas supply to GenCos, boost payment of distribution and ensure power generated is taken by DisCos” he said.
He commended the Central Bank of Nigeria (CBN) on its efforts in providing funding for the sector despite the current liquidity crisis. ”I must commend the CBN Governor because he has helped to maintain peace in the space. Before the end of 2020, NBET used to pay about 20% but it now pays about 50%. It is still a critical sector that still needs investment and stakeholders must ensure it works” he said.
He said the Transnational Corporation of Nigeria Plc (Transcorp) intends to improve Nigeria’s power and petroleum sectors.
He thanked the shareholders of the company for their continued support and promised that the Group will continue to execute its expansion, in line with its mission of “Improving Lives and Transforming Nigeria”.
He stated: “It was a difficult year, but we adapted, proved resilience and continued to invest – delivering the $300million Afam acquisitions in the middle of the pandemic, illustrated our unwavering commitment to the Group’s success. “Our team added value across our portfolio. In the power sector, the Group completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000MW. This acquisition demonstrated the Group’s long-term strategy to create value and deliver robust power supply across Africa. In oil & gas, the Group is driving forward investment in OPL 281 and participated in the acquisition of OML17. In hospitality, a new digital platform, Aura by Transcorp Hotels, which is set to redefine hospitality standards, was launched.
Owen Omogiafo, the Chief Executive of Transcorp, said: “Moving into the future, we shall continue to expand, invest, and build the brand of the company sustainably as we believe that there is a lot of value trapped within Transcorp that needs to be unleashed and recognized by the market