By Moses Patience Chat
The Chief Executive Officer of the Tony Elumelu Foundation, Mr. Tony Elumelu, has said that inadequate gas supply is affecting the operations of power plants in and electricity supply in the country.
Elumelu said this on Sunday at the Annual General Conference (AGM) of the Nigerian Bar Association (NBA).
During his remarks at the event, he said it was time for the country to invest in its power sector and create regulatory structures that would deliver sustainable power supply to the people, schools, hospitals, and industries.
“Is it not ironic that a country with abundant gas resources cannot optimally operate its power plants due to lack of gas. I have seen the beginnings of what we can do. Let me give you an example: The TransAfam Power Plant that belongs to Transcorp Group has an installed capacity of 1000 megawatts. The Federal Government of Nigeria made a significant investment to acquire 240 megawatts fast power turbines from General Electric (GE).
For context, 240 megawatts of electricity can power about one million homes in Nigeria. Yet GE has threatened to pull out of the project, because our nation, with some of the largest gas reserves globally, could not provide 65mm scuffs of gas needed for the comprehensive testing of the installed fast power plant” he said.
According to him, the country has idle gas fields even when there is so much private capital that can be channelled as needed for investments for gas production.
He stated that regulatory constraints and self-serving policies were holding back these investments.
He highlighted that energy deficits and the disillusionment of youth manifesting in the loss of talent among many others were also impacting the country.
Elumelu further urged Nigerians to approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity, and progress.