Chairman of Transcorp Group, Tony Elumelu, has said Nigeria needs to increase its electricity generation from about 5,000 to 100,000 Megawatts to power the nation’s economy.
Elumelu disclosed in an interview on Arise TV on Wednesday.
According to him, the nation needs to stabilize its transmission lines, provide adequate gas supply and strengthen its payment plans.
He said, “Nigeria needs about 100,000 MW to power the economy. It also needs to stabilize the transmission lines and ensure that access to the gas supply.
“For Nigerians to heave a sigh of relief in the sector, it needs to boost generation, fix gas supply to GenCos, boost payment of distribution and ensure power generated are taken by DisCos. Here I must commend the CBN Governor because he has helped to maintain peace in the space.
“Before the end of 2020, NBET used to pay about 20% but it now pays about 50%. It is still a critical sector that still needs investment and stakeholders must ensure it works.”
