Nigeria’s Industrialization Boost: Fixing Gas Supply Issues

Nigeria’s path to industrialization could be significantly accelerated by addressing its gas supply issues, according to Tony Elumelu, Chairman of Heirs Holdings Group, Transcorp Group, and United Bank for Africa (UBA) Group.

Elumelu shared his insights during the Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference in Abuja on February 21, 2024.

The conference brought together key stakeholders to discuss the country’s economic challenges and potential solutions to drive growth.

Elumelu commended the Ministry of Finance for creating a platform to explore models and approaches that could lead to economic growth, emphasizing the importance of a long-term mindset, corporate governance, and a focus on execution.

Elumelu highlighted the achievements of Heirs Holdings, which has a track record of turning around businesses.

In 2010, the company acquired the 972MW gas-fired Ughelli Power Plant and increased its generation from 160MW to 701MW within four years.

Transcorp’s success in power generation is a testament to its ability to unlock the value in its assets, but the company’s potential is hindered by gas supply issues.

The Nigerian government can learn from Transcorp’s success and work towards improving the country’s gas supply infrastructure to support industrialization efforts.

By addressing gas supply issues, Nigeria can generate enough electricity to power its industrialization and drive significant socio-economic development for its people.

Nigeria’s path to industrialization is closely tied to its ability to address gas supply issues. By taking a long-term approach and focusing on strong corporate governance, the country can unlock its full potential and drive significant socio-economic development for its people.