He acknowledged staff and management of Transcorp Power, the biggest producer of thermal energy in Nigeria, providing about 18 percent of national output: “In accepting this award, I want to dedicate it to Transcorp Power staff who remain committed to realizing our dream of improving access to electricity in Nigeria and making our vision of a well-lit, fully powered Nigeria come true."
Transcorp Power has supported U.S. President Obama’s Power Africa initiative with a $2.5billion commitment. He thanked the broader coalition of investors in the African power sector, as he urged other institutional investors to consider long-term opportunities on the continent. “I also dedicate this to all stakeholders working hard to improve access to power in Africa. I call on others to please join us in this journey to powering Africa out of poverty,” he added.
As the economies of African regional powerhouses like Democratic Republic of Congo, Mozambique, Uganda, Nigeria and Angola struggle due to excessive exposure to commodities’ prices caused by limited diversification, Elumelu proffered a sustainable solution to reduce Africa’s historical external vulnerability.
“Africa has been faced with this same challenge, in my view, for far too long. I choose to look at the recent episodes of economic contraction across the continent as opportunities to diversify our economies and invest in building critical infrastructure, especially in power, to reduce our susceptibility to commodity shocks and break out of the perpetual boom-bust cycles,” he advised.
He emphasized that to ensure a different type of growth trajectory for Africa – one that does not rely exclusively on the export of primary commodities – there must be reliable, accessible, affordable power to support industrialization.
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