By Salifu Faridat
Tony Elumelu, the founder of the Tony Elumelu Foundation and chairman of the United Bank for Africa (UBA), shared at the Nigerian Bar Association (NBA) annual General Conference in Abuja that General Electric (GE) threatened to withdraw from the TransAfam Power Plant due to a shortage of gas needed to conduct testing.
Elumelu disclosed this while delivering his remark at the Nigerian Bar Association (NBA) annual General Conference in Abuja recently.
He expressed his concern over the irony of a country with abundant gas resources struggling to fully utilize its power plant.s due to a lack of gas.
The TransAfam Power Plant, which is under the ownership of Transcorp Group, boasts an impressive installed capacity of 1000 megawatts.
Recognizing the importance of bolstering Nigeria’s power supply, the Federal Government took a significant step by investing in 240 megawatts of fast power turbines from General Electric (GE).
To provide context, this amount of electricity has the potential to meet the power needs of approximately one million homes in Nigeria. It’s a substantial contribution towards addressing the energy requirements of the nation.
It’s unfortunate that GE is contemplating pulling out of the project due to a lack of gas for comprehensive testing.
Nigeria, despite having substantial gas reserves, should be able to tap into its idle gas fields and attract private capital for necessary investments in gas production.
Collaboration between the government and private investors is crucial to address this issue and ensure the completion of the project while advancing the development of the energy sector in the country.
He also emphasized the critical need for the government to allocate resources towards the development of our social infrastructure, civil society, courts of law, and administrators of justice.
He highlighted that the rule of law, peace, certainty, and fairness are indispensable elements for the success and growth of both our country and entrepreneurs.
These principles must be upheld to ensure a prosperous future for all members of society, regardless of age, gender, or background.