Tony Elumelu
Home Business Elumelu optimistic on Nigeria economy

Elumelu optimistic on Nigeria economy


Chairman of Heirs Holdings Mr Tony Elumelu’s optimism about the Nigerian economy continues to soar high despite growing inflation concerns and fears in some quarters.

Speaking with the Cable News Network, CNN, the business man was upbeat about prospects for the economy, in oil and gas, power and the financial sector.

” As an investor in the Nigerian economy—from the financial services, oil and gas, I see improvements in the economy and I am optimistic about the future, he said.

The founder of the Tony Elumelu Foundation also revealed that his firm is committing an investment of $2.5bn in the oil and gas sector in an acquisition process within the next three weeks.

Mr Tony Elumelu, who is Per Second News 2017 “philanthropist of the year”, said he is drawing a lot of confidence from current economic indicators and one of the reasons he is investing more in the Nigerian economy.

Mr Elumelu believe Nigeria presents a good investment case, but businesses need to think strategically when it comes to taking recent global developments into account, while urging the federal government to continue to provide enabling environment for businessmen and women.

Mr Elumelu also praised the CBN for stabilizing the economy and forex.

He also pleaded with the Federal Government to settle debts owed to power operators.

Per Second News revealed recently in a report how the Nigeria Bulk Electricity Trading, NBET Plc has consistently defaulted in paying the GENCOs for all electricity generated and put on the national grid in breach of its contractual obligation.

The debts owed the GENCO’s includes capacity charge from 2013 till date and payment of the balance of 213BN from CBN Electricity Market Stabilization Fund.

The non-payment of the debt makes the GENCOs bend backwards in a bid to continue generating electricity for the national grid. The power operators are making huge sacrifices, bearing the excruciating burden of not being paid for electricity generated and sold to NBET, and facing the threat of going into extinction as a result of their huge indebtedness to banks and financiers who provided the foreign currency-denominated acquisition loans with which the power plants were acquired from the FG during the privatization exercise in 2012/13.

Leave a comment

Related Articles

BusinessHighlightTrending Story

CBN set for recapitalization of the nation’s banks

The CBN Governor, Dr. Olayemi Cardoso, announced this at the 58th Annual...

BusinessTrending Story

Just in: Nigeria’s economy grows by 2.54% in Q3 – NBS

The Nigerian economy has recorded growth by 2.54 percent in the third...

BusinessHighlightTrending Story

We have recorded over N1trn monthly revenue inflow since subsidy removal, says FG

The Federation Account has seen an increase in income inflow of more...

BusinessHighlightTrending Story

Concrete roads: Cement prices may hit N9,000, says manufacturers

The Cement Producers Association of Nigeria (CPAN) has expressed concerns over the...

BusinessHighlightTrending Story

Again, Nigeria’s inflation soars to 25.80 percent in August, NBS reveals

Nigeria’s headline inflation rate for August 2023, rose to 25.80 percent, marking...

BusinessHighlightTop StoryTrending Story

`This is the best time to invest in Nigeria”, Elumelu, in India, urges Indian investors

Heirs Holdings Group Chairman, Mr Tony Elumelu, at the ongoing Nigeria-India Presidential...

BusinessHighlightOil & GasTrending Story

NNPC Ltd not against sale of shares of Agip Oil to Oando — Muhammad

The Nigerian National Petroleum Company Ltd (NNPCL) says it is not opposed...

BusinessTop Story

Tony Elumelu, intrepid investor, leads Transcorp Group to acquire 60% stake in Abuja DisCo

As Group appoints Ezeafuluke as MD of AEDC The business ingenuity and...

BreakingFeaturedHighlightNewsWorld News

Niger’s ousted president is being denied food and electricity, says European Union

The European Union Friday said it had “deep concern” about the treatment...

BreakingFeaturedHighlightTop Story

Breaking: Ex-Kaduna Gov. El rufai might reject ministerial appointment 

The immediate past Governor of Kaduna State, Malam Nasir El rufai is...

BusinessTop StoryTrending Story

NPA records 3.5m metric tonnes of export in first half of 2023

The Nigerian Ports Authority (NPA) has recorded an increase in exports from...

BreakingFeaturedTop StoryTrending Story

President Tinubu appoints Ajuri Ngelale as special adviser media & publicity

President Bola Ahmed Tinubu, GCFR, has approved the appointment of Chief Ajuri...