Nigerian investor and Chairman of Transcorp Group, Tony Elumelu, has said that resolving Nigeria’s electricity crisis remains critical to unlocking sustained economic growth, despite recent macroeconomic improvements.
Speaking after a meeting with President Bola Tinubu at the Presidential Villa on Friday, Elumelu commended the administration for stabilising the foreign exchange market and supporting small and medium-scale enterprises (SMEs).
He noted that improved policy predictability and relative stability in the forex market were positive signals for investors and the private sector.
However, he stressed that inadequate power supply continues to constrain productivity and economic expansion.
According to him, the Federal Government must urgently address outstanding debts owed to power generation companies (GenCos) to boost electricity output and strengthen confidence across the energy value chain.
Elumelu warned that unless the power sector’s liquidity challenges are resolved, Nigeria’s broader economic gains could be undermined, as reliable electricity remains foundational to industrial growth, job creation and competitiveness.
He reiterated that private sector investment will continue to support national development but emphasised that sustainable growth requires decisive action to fix structural constraints in the power sector.
Adesuwa Omoruan
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