By Matthew Denis
The Chairman of of United Bank of Nigeria (UBA) PLC, Mr. Tony Elumelu has tasked all tiers of Government on building solid Infrastructures that will enhance economic development.
He made the disclosure at the Nigerian Bar Association’s Annual General Conference in Abuja, Chairman while noting the vital need for collective action in nation-building to ensure a brighter future for the youth.
Elumelu, also the Founder of the Tony Elumelu Foundation stressed that nation-building encompasses the revitalisation of Nigeria’s social and economic infrastructure.
He underlined the importance of investing in the youth, women, the power sector, security, social infrastructure, and Nigeria’s overall global standing. Elumelu defined nation-building as the harmonious unification of diverse individuals, cultures, and ideologies.
He emphasised on the necessity of collaborative efforts that transcend political, ethnic, and socioeconomic differences, urging not only government involvement but also active participation from the private sector, philanthropic organisations, civil society, and all citizens.
The business magnate commended President Bola Ahmed Tinubu for his decisive economic decisions in fixing the country.
Elumelu also advocated for investment in youth and the promotion of an entrepreneurial culture. He underscored the significance of supporting young entrepreneurs and providing them with ample opportunities within Nigeria. Elumelu called for united action among government and private sector leaders to champion the youth and entrepreneurs, recognizing their pivotal role in driving innovation, investment, and job creation.
The CEO stated that fostering entrepreneurship is both an economic and social responsibility, contributing to equitable wealth distribution, job prospects, and societal advancement. He underscored the interdependence of success, emphassing that the thriving of entrepreneurs positively impacts the nation as a whole.
Elumelu, who also chairs Transcorp Power Limited, emphasised the irony of Nigeria’s abundant gas resources juxtaposed with its inability to efficiently operate power plants due to gas shortages. He stressed the importance of regulatory frameworks that guarantee sustainable power supply to hospitals and industries.
While citing the TransAfam Power Plant owned by Transcorp Group, with a capacity of 1000 megawatts, to illustrate the country’s potential. However, due to a lack of gas supply, a significant investment by the Federal Government to acquire 240 megawatts fast power turbines from General Electric (GE) is under threat. He lamented that despite vast gas reserves, the nation struggles to provide the necessary gas for power production due to short-sighted regulations and self-serving policies.
He urged investing in women, highlighting their potential to uplift families and communities out of poverty. He concluded by emphasising the pressing need for security investments, as challenges like banditry, kidnapping, oil theft, pipeline vandalization, and transmission line cuts undermine the country’s stability, creating uncertainty, fear, deprivation, poverty, and profound hardship.
He encouraged the participants to lead nation-building by laying essential foundations for Nigeria’s progress, including infrastructure modernization.