Prosper Okoye
Nigerian investor Tony Elumelu on Friday urged President Bola Tinubu to fast-track the settlement of longstanding power-sector debts, warning that delayed payments are constraining electricity generation even as demand for reliable power grows across the economy.
Speaking to journalists after a meeting with the President at the Presidential Villa, the Chairman of Heirs Holdings and a member of the Presidential Economic Council said the administration recognises the urgency of clearing arrears owed to power-generating companies.
“Improving access to electricity is critical for economic development,” Elumelu said. “Mr President realises this and is committed to doing more, especially in helping to fast-track the payment of power-sector debts so that power generators can do more for the country.”
Join our WhatsApp ChannelHe added that although generation companies are “owed significantly,” they continue to supply electricity nationwide. “This is very critical. All of us in the power sector are owed, yet we continue to generate power. We want to see these payments made to ensure better provision of electricity. Access to electricity is essential for the development of our economy,” he said.
Beyond power, Elumelu said talks with Tinubu also centred on measures to boost small and medium-scale enterprises (SMEs), which he described as the backbone of growth. “Today, we spoke extensively about SMEs and how to further support them. Mr President is very passionate about ‘capacitising’ entrepreneurs in Nigeria… they are the engine of economic growth,” he noted.
According to Elumelu, the President plans to deploy tax reforms to support smaller businesses and has taken a keen interest in the work of the Bank of Industry. “He mentioned being super-impressed with the BOI, even noting the CEO by name and expressing a desire for them to do more,” Elumelu said.
The investor also praised recent monetary and foreign-exchange reforms, crediting the Central Bank for restoring stability. “What the Central Bank Governor and his team are doing is quite encouraging. We have seen a return to predictability and stability… the ability to predict the direction of the economy is vital for planning,” he said.
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Recalling the depth of the earlier FX crunch, Elumelu added: “There was a time when, out of ten calls about banking, seven were about how to access foreign exchange. Today, not even one is about FX. That market is effectively sorted. The Central Bank Governor is doing well, and Mr President should be commended for creating the space for his team to do their work.”
Elumelu concluded that the administration’s reforms have ended the era of acute FX scarcity and, if paired with swift settlement of power-sector debts, could unlock faster economic growth driven by reliable electricity and a thriving SME sector.
Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa
