Tony Elumelu, Founder of the Tony Elumelu Foundation (TEF), has praised the administration of President Bola Tinubu for its courageous efforts in addressing the root causes of issues and introducing long-term policies to drive nation building. Speaking at the Nigerian Bar Association (NBA) Annual General Conference in Abuja, Elumelu emphasized the need for foundational changes and investment in critical sectors.
Elumelu highlighted the importance of investing in power and social infrastructure, urging the government to harness the country’s abundant gas resources. He criticized short-sighted regulatory regimes and self-serving policies from previous administrations that hindered the optimal utilization of Nigeria’s gas potential and power supply. He pointed out that despite having vast gas reserves, the country struggles to provide the necessary gas for power generation, leading to missed opportunities for economic growth.
He called attention to the TransAfam Power Plant’s potential and the country’s inability to provide sufficient gas for its operation, despite having idle gas fields and available private capital for investments in gas production. Elumelu urged a shift in the regulatory landscape to enable the productive use of gas resources, asserting that the current situation needs to change.
Elumelu further called on President Tinubu to expand bold reforms beyond physical infrastructure like roads and bridges to include youth empowerment and entrepreneurial culture. He emphasized the critical role of entrepreneurship in driving economic success and urged support for startups and SMEs to contribute to wealth distribution, job creation, and social advancement.
The entrepreneur announced that the Tony Elumelu Foundation had committed $100 million to empower youth and address poverty through non-refundable grants of $5,000 to each beneficiary. He highlighted that this initiative aims to spread prosperity and create a better world for all, reinforcing the importance of investing in the younger generation for long-term progress.
In conclusion, Elumelu commended President Tinubu’s efforts in initiating bold and necessary reforms for nation building, emphasizing that sustainable change requires breaking away from repetitive actions and expecting different outcomes. He emphasized the importance of collective sacrifices and laying strong foundations for a prosperous and inclusive society.