Why access to electricity is critical to economic growth – Elumelu

Founder of the Tony Elumelu Foundation and chairman of Heirs Holdings, Tony Elumelu says access to electricity is critical to growing Nigeria’s economy.

In a recent interview with Sky news, Elumelu said he believes that the second term of President Muhammadu Buhari will focus on improving the power sector.

He added that another sector that is critical to the economy is the private sector which helps in creating employment and alleviating poverty.

“I think power is critical. We know that access to electricity and improvement in that sector will help to galvanise and grow the Nigerian economy and I believe this government is going to do that,” Elumelu said.

“Going forward, another sector that is critical and very important is the private sector and especially the small and medium scale enterprises. We know that countries that prioritise their small and medium scale enterprises do very well in creating employment and alleviating poverty.

“So, I believe this government in its second term will continue and even do more in supporting small and medium scale enterprises through policies and incentives that will encourage these people. We are enterprising and our people just need the more encouragement to do great things.

“Nigeria is up for business. Nigeria wants attractive investors. If the Chinese sees Nigeria as a more hospitable and investment-friendly country, Nigerians are ready. Our long historical trading partners like the UK, the US should also show more interest. I believe that is happening and a lot more will happen especially this second term.”