Gas scarcity is impacting the functioning of power plants, Elumelu informs FG.

The country’s power plants are having trouble operating due to a shortage of gas, according to Tony Elumelu, the founder of the Tony Elumelu Foundation.He suggested that this was having an impact on the nation’s electrical supply. At the Nigerian Bar Association’s Annual General Conference on Sunday, he made this declaration.

In his speech at the function, he stated that it was time for the nation to make investments in the power industry and establish legislative frameworks that would provide industries, hospitals, schools, and the general public with a sustainable supply of electricity.

“Is it not ironic that a country with abundant gas resources cannot operate its power plants optimally due to lack of gas?” Elumelu remarked. I’ve witnessed the start of what we are capable of. I’ll give you an illustration: The Transcorp Group’s TransAfam Power Plant has a 1000 megawatt installed capacity.

The purchase of 240 megawatt fast power turbines from General Electric required a substantial financial commitment from the Federal Government of Nigeria. To put things in perspective, 240 megawatts of electricity can power roughly a million Nigerian households. However, GE has threatened to abandon the project since our country, which has some of the world’s largest gas deposits, is unable to supply the 65mm gas scuffs required for the thorough testing of the installed fast power plant.

Notwithstanding the abundance of private funds available to direct towards the necessary investments for gas extraction, he claims that the nation still has undeveloped gas fields.He said that these investments were being stifled by self-serving policies and regulatory restrictions.

The foundation’s creator went on to say that Nigeria’s private sector has been demonstrating to the outside world its capacity, inventiveness, and institutionalisation. But he claimed there were simply too few multinational companies with Nigerian roots.

Elumelu emphasised that among many other things, the nation was being affected by energy shortages and youth disillusionment, which showed up as a loss of talent.He made the following statement regarding the nation’s security state:

“Insecurity destroys opportunity, feeds intolerance, and breeds disorder.” Invest in security, please. Kidnapping, banditry, oil theft, pipeline vandalism, gearbox line outages—all of these things lead to uncertainty, dread, deprivation, poverty, and immense suffering.He added that the nation will benefit in the long run from the government’s recent measures.

Nigeria, in Elumelu’s opinion, is a nation of entrepreneurs and should be thoughtful about its populace.He declared, “Investment in our youth: we must reaffirm our dedication to them and give them the tools they need to thrive within Nigeria, not outside of it.

This entails funding for both our business culture and educational system.Nigeria is a country of entrepreneurs, and as an investor and entrepreneur supporter, you are aware of the positive social and economic effects that entrepreneurship has. Let’s establish a coordinated government task group to advocate for our youth and entrepreneurs at the highest echelon.

He also cautioned executives in the private sector to view themselves as the source of investment, the innovators, and the job creators. According to him, encouraging entrepreneurship is a social as well as an economic duty.