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Follow on Google News | Tony Elumelu: “we want to generate at least a quarter of Nigeria’s power needs in 5 years"Well-known global business leader and chairman of Heirs Holdings Tony Elumelu says the group “has the ambition to generate at least a quarter of Nigeria’s power consumption needs in the next five years.”
By: West African Power Industry Convention (WAPIC) Mr Elumelu will deliver the keynote address at this year’s West African Power Industry Convention (WAPIC) in Lagos from 18-19 November. The 11th edition of this long running, high-level energy conference and expo will once again gather government, utilities, consultants and investors to discuss the challenges of local markets, capacity building and investment. Experience at Ughelli According to the Heirs Holdings chairman “the power industry is a catalytic sector and the development of our country and our continent cannot happen without fixing it.” He describes the USA’s Power Africa Initiative as “an amazing opportunity to democratize access to power for Africans, and the $2.5 billion investment commitment we have made reflects exactly how excited I am about it. The present administration made a bold decision when it decided to affect the changes envisaged by the Power Sector Reform Act — legislation that had been on the books since 2005. And that bold step was reinforced during President Barack Obama's last visit to Africa. We felt more strongly than ever, the need to help power Africa.” He continues: “our experience so far at Ughelli power plant is testimony to the size of the opportunity; Challenges in Nigerian power sector Mr Elumelu lists three main challenges in the Nigerian power sector, namely unreliable transmission infrastructure, access to uninterrupted gas supply and timely settlement of invoiced payments. He adds: “in Nigeria, one of the biggest challenges to power generation is transmission and in fact, while Ughelli Power Plant generated at full capacity for the first time in July, we’ve been asked to scale down generation because of the outdated transmission systems; for every 100MW generated and sent to transmission companies, 40 per cent is lost, in part because of this infrastructure issue.” While regulation is not a key challenge, says the Heirs Holdings chairman, it is an issue within the sector that if addressed, has the potential to speed sector growth exponentially. “We need pragmatic regulation that recognizes that within Nigeria, the sector is nascent and so policies must be designed to encourage growth. In fairness, the federal government is confronting these challenges head on.” Africapitalism creating social wealth Mr Elumelu has termed his economic philosophy as “Africapitalism” WAPIC During his keynote address at WAPIC in Lagos in November, Tony Elumelu says he will “discuss the opportunities that I have discovered in the power space and the efforts of African power sector leaders through the West African Energy Leaders Forum to improve access to electricity across West Africa.” The event is organised by Spintelligent, leading Cape Town-based trade exhibition and conference organiser, and the African office of Clarion Events Ltd in the UK. WAPIC dates and venue: Conference days: 18-19 November 2014 Pre-conference workshops: 17 November 2014 West African Power Industry Awards: 18 November 2014 Site visits: 20 November 2014 Venue: Eko Hotel, Lagos, Nigeria Web: www.wapicforum.com Twitter: https://twitter.com/ Contact: Communications manager: Annemarie Roodbol Telephone : +27 21 700 3558 Mobile: +27 82 562 7844 Email: annemarie.roodbol@ End
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