Elumelu backs Tinubu’s Reforms, flags Power crisis as major threat

By Kazeem Ugbodaga

Nigerian billionaire investor and Chairman of Heirs Holdings and Transcorp Group, Tony Elumelu, has commended President Bola Tinubu’s economic reforms while emphasizing that unreliable electricity supply continues to pose the single biggest bottleneck to the nation’s growth and industrial potential.

In remarks to journalists after a closed-door meeting with President Tinubu at the Presidential Villa in Abuja on Friday, Elumelu highlighted progress in stabilizing the foreign exchange market and supporting small and medium-sized enterprises (SMEs), but stressed the urgent need to resolve mounting debts owed to power generation companies (GenCos) to unlock higher electricity output.

“Improvement in access to electricity is critical for economic development,” Elumelu stated, adding that “Mr. President realises this, embraces it, and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that the power generators can do more for the country.”

Elumelu, whose Transcorp Power operates major plants including Ughelli and Afam with a combined installed capacity exceeding 1,900MW, noted that GenCos, including his own, continue generating power despite significant outstanding payments from the government.

He reiterated that settling these debts would enable operators to invest further in capacity expansion and reliability.

The entrepreneur expressed broader optimism about Nigeria’s economic trajectory under the current administration.

He praised the predictability of policies, the resolution of dollar scarcity, and the Central Bank of Nigeria’s monetary measures that have brought greater stability to the naira and FX market.

Elumelu also lauded Tinubu’s passion for SMEs, pointing to ongoing tax reforms and targeted interventions designed to ease burdens on small businesses and foster inclusive growth.

Discussions during the meeting reportedly covered sustaining economic momentum, leveraging tax changes to support MSMEs, and addressing energy challenges as foundational to broader development goals.