The chairman of Transnational Corporation (Transcorp), Tony Elumelu, has shared his thoughts on the electricity situation in the country, this is even as he advised the President Tinubu led government on how to improve electricity in the country.
Recall that the Minister of Power, Adebayo Adelabu, announced on Wednesday that the government is considering revocation of licenses held by power Distribution Companies (DisCos) should they fail to improve the Nigeria power situation.
Elumelu during a Bloomberg interview urged the federal government to restructure the electricity industry and sell transmission lines to boost the country’s economy.
He further pointed out that the industry’s growth is hampered by lack of liquidity in the electrical market and inadequate transmission lines, pointing out that a bad energy supply causes low production levels in the nation.
The United Bank for Africa (UBA) chaiman also added that the way out is for President Bola Tinubu’s government to attract investors to develop the nation’s enormous gas reserves to fuel power stations and allow the private sector to manage the transmission lines.
In his words;
“The currency crisis is a sign of many things. As a country, we can’t produce well enough despite our natural resources. The reason is lack of electricity.”
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