Elumelu to leaders, investors: Invest in power, security for Nigeria’s accelerated development

For the country to achieve accelerated development, UBA Group Chairman and investor, Tony Elumelu, has said Nigerian leaders should prioritise investment in security and electricity sectors.

According to the economist and philanthropist, without stable electricity, national goals of industrialization, education, and economic prosperity will be unattainable, reports Persecondnews.

Delivering the graduation lecture for the Executive Intelligence Management Course 17 at the National Institute for Security Studies, Abuja, on Thursday, Elumelu said: “We must invest in infrastructure to ensure that all Africans, regardless of their location—whether in villages or cities—benefit from these advancements. And here, power is so important.

“Development is impossible without reliable access to electricity. I say to our leaders, if there are two things a leader must prioritise, it should be security, one, and improvement in access to electricity, two, and the country on the continent will take on.

“Power is a fundamental resource that empowers every aspect of life, from hospitals to homes and businesses.

“Nigeria cannot industrialise. Our youth cannot be educated without ensuring that our abundant natural resources are translated into plentiful, affordable, available, and robust power for all.

“A power ecosystem that encourages investment and unlocks our economy and creates prosperity.”

Elumelu expressed concern about Nigeria’s underutilisation of its abundant natural resources, citing the need for a robust power ecosystem to encourage investment, unlock economic potential, and create prosperity.

On investment in security, Elumelu recalled that after his company acquired oil mining assets in 2017, nearly 97% of their production was lost to theft, depriving the country of significant revenue that could have bolstered national wealth.

He, however, noted that the loss has now been reduced to 10% due to the efforts of the government and security agencies.

“But security is critical. When we acquired oil mining in 2017 from the IOC led by Shell in 2021 and 2020, oil theft was taking over 97% of our production. Revenue that should have paid tax to the government and contributed to national wealth was being stolen.

“Revenues that should or could have paid tax and contributed to national wealth were being stolen. Our commonwealth was being plundered.

“But I’m proud to say, with the collaboration of our security community and the armed forces, we have reduced that figure to less than 10% today,” he also said.

Elumelu appealed to policymakers to adopt a strategic approach to addressing these issues, stating that sustainable development is attainable with the right priorities.