Recall that the Minister of Power, Adebayo Adelabu, announced on Wednesday that the government is considering revocation of licenses held by power Distribution Companies (DisCos) if they fail to improve the power supply in the country....CONTINUE READING
Weighing in on the power situation, Elumelu urged the federal government to restructure the electricity industry and sell transmission lines to boost the country’s flagging economy.
Elumelu opined that the industry’s growth is hampered by a lack of liquidity in the electrical market and inadequate transmission lines.
The United Bank for Africa (UBA) chairman stated this during a Bloomberg interview.
He asserted that a bad energy supply causes low production levels in the nation.
According to him, “The currency crisis is a sign of many things. As a country, we can’t produce well enough despite our natural resources. The reason is lack of electricity.”
Elumelu said the way out is for President Bola Tinubu’s government to attract investors to develop the nation’s enormous gas reserves to fuel power stations and allow the private sector to manage the transmission lines.
