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Tony Elumelu Praises Reforms, Says Power Remains Economic Bottleneck
Nigerian investor and Chairman of Transcorp Group, Tony Elumelu, has commended ongoing economic reforms but warned that unreliable electricity supply continues to hinder Nigeria’s economic growth.
Elumelu spoke on Friday after a meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja.
While acknowledging efforts to stabilise the foreign exchange market and support small and medium-sized enterprises (SMEs), Elumelu stressed that resolving Nigeria’s power challenges remains critical to unlocking sustainable development.
According to him, the Federal Government must urgently clear outstanding debts owed to power generation companies (GenCos) to boost electricity production and improve supply across the country.
He noted that improved policy predictability and greater stability in the foreign exchange market have restored investor confidence, describing the current economic direction as encouraging.
However, Elumelu maintained that without reliable and affordable electricity, businesses would continue to struggle with high operating costs, limiting productivity and job creation.
His remarks underscore the central role of power sector reform in Nigeria’s broader economic transformation agenda.
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