• Business - Companies
  • Updated: March 08, 2024

Why Nigeria has low level of productivity— Elumelu reveals

Why Nigeria has low level of productivity— Elumelu reveals

The Chairman of Transnational Corporation (Transcorp), Tony Elumelu, has said that poor electricity supply is responsible for the low level of productivity in the country.

Elumelu made this known during an interview with Bloomberg.

Elumelu, who is also the Chairman of United Bank for Africa (UBA), added that poor electricity supply isnoted that insufficient transmission lines and lack of liquidity in the electricity market are hampering growth in the industry.

He, therefore, called on the federal government to revamp the power sector and privatise transmission lines in order to revive the nation’s struggling economy.

He stated: “The currency crisis is a sign of many things. As a country, we can’t produce well enough in spite of our natural resources. The reason is lack of electricity,” he stated.

Nigeria sends less than a third of the 13,000 megawatt of electricity it generates to the grid, leaving most Nigerians dependent on home generators.

Elumelu said the way out, is for President Bola Tinubu’s government to lure investors to develop the nation’s large gas reserves to fuel power stations, and allow the private sector to manage the transmission lines.

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