Tony Elumelu Supports CBN Decisions and Calls for Power Sector Revamp

Nigerian business mogul Tony Elumelu expressed support for the Central Bank of Nigeria’s (CBN) recent decisions in its Monetary Policy Committee (MPC) meeting.

Elumelu, who leads Heirs Holdings, the United Bank for Africa (UBA), and Transnational Corporation of Nigeria Plc (Transcorp), believes that Nigeria is on the right track economically and that the authorities must remain consistent and focused in their policies to ensure long-term success.

Elumelu emphasized that the current administration has taken steps to remove petrol subsidies and collapse the FX regime to a single market determined by the forces of demand and supply.

He also stated that the recent interest rate hike and other decisions made by the CBN are the same decisions he would have taken if he were in charge of the apex bank.

While acknowledging that transformation takes time, Elumelu expressed cautious optimism that Nigeria is “getting there.”

He called for continued focus on the current reforms, particularly in the power sector, which he believes is crucial to reviving the struggling economy.

According to Elumelu, insufficient transmission lines and a lack of liquidity in the electricity market are hampering growth in the industry.

He suggested that the government should privatize the transmission lines and encourage private investment in developing the country’s gas reserves for power generation.

Tony Elumelu’s support for the CBN’s recent decisions and his call for a revamp of the power sector highlight the importance of consistent and focused economic policies in Nigeria’s journey towards long-term growth and stability.