No Power, No Prosperity: Elumelu Warns as Nigeria Aims for $1 Trillion Economy

No Power, No Prosperity: Elumelu Warns as Nigeria Aims for $1 Trillion Economy⚡️???

News Breakdown:

At the 2025 Annual General Meeting of Transcorp Group in Abuja, its Chairman, Mr. Tony Elumelu, delivered a strong message: Nigeria’s dream of building a $1 trillion economy is impossible without fixing electricity.

Here are the key highlights:

1. Power First, Economy Next ⚙️➡️?

Elumelu emphasized that access to reliable electricity is the single most critical factor in transforming Nigeria’s economy, especially as the country seeks to diversify away from oil.

“To grow a $1tn economy, electricity must be fixed. That is not the case today,” he said.

2. Slow Implementation Despite Presidential Orders ?⚡️

Despite President Bola Tinubu’s directive in 2024 to eliminate bottlenecks in the power sector, Elumelu lamented the lack of action by key players in the system.

“Those who should bring the President’s vision to life are holding back,” he added.

3. Government Owes Transcorp Over N600bn! ??

Transcorp is owed over ₦600 billion ($400 million) by the federal government for power supplied to the national grid. Elumelu called this burden unsustainable and urged swift resolution.

4. Signs of Progress Despite Challenges ?

 • Transcorp’s market cap rose from ₦2bn in 2011 to over ₦4.5tn in 2025

 • Dividends have been consistently paid since 2011; ₦1 per share was declared for 2024

 • Transcorp Power repaid its $215m FX acquisition loan

 • A new 5,000-capacity event centre has been completed at Transcorp Hilton, Abuja

5. Expansion Plans in Motion ?☀️

Following shareholder recommendations, Transcorp is looking to expand into agriculture and renewable energy, aligning with national efforts to diversify the economy and boost productivity.

6. Call to Action for Investors and Stakeholders ?✨

Elumelu ended his speech with a rallying cry:

“To the investment public — it’s time to come on board and enjoy what our shareholders are already having.”

7. Transcorp CEO Reaffirms Commitment ?‍?✅

Dr. Owen Omogiafo, President & Group CEO, reiterated the company’s dedication to innovation and strategic growth, particularly in agriculture and other critical sectors.

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Conclusion:

Elumelu’s bold message is clear: Fixing power isn’t optional — it’s essential. If Nigeria truly wants to build a robust, trillion-dollar economy, electricity must become a national priority.