Nigerian entrepreneur and philanthropist Tony Elumelu has expressed deep concern over Nigeria’s longstanding electricity shortfall, highlighting that the country produces less than 7,000 megawatts of power for a population exceeding 200 million.

Elumelu laments Nigeria's poor power generation

Delivering a keynote speech at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF), Elumelu criticised the country's inadequate energy infrastructure, noting it hampers economic growth, industrialisation, and employment opportunities.

Elumelu said:

“Energy access remains the biggest enabler — or barrier — to our progress. My home country, Nigeria, generates less than 7,000 MW for over 200 million people."

He emphasised that access to reliable energy remains a decisive factor in Africa’s development journey, stressing that Nigeria would require at least 100,000 megawatts to unlock its full economic potential. The event, centred on

“Resilient Infrastructure, Human Capital, and Green Assets,” gathered key African policymakers, central bank leaders, and global financial institutions.

Elumelu demands action on youth, development

Elumelu, who leads Heirs Holdings, Transcorp, and UBA, advocated for bold reforms and greater investment in infrastructure, particularly in the energy sector.

He highlighted his company’s ongoing efforts to expand power generation using natural gas, providing electricity within Nigeria and across West Africa.

According to Nigerian Tribune, Elumelu described this as “Africapitalism” — his belief that private sector investment can address public challenges and drive inclusive growth.

Addressing Africa’s youth population, Elumelu said they represent both the continent’s greatest asset and its most significant vulnerability if left unsupported.

Through the Tony Elumelu Foundation, he has provided over 24,000 entrepreneurs with $5,000 in seed funding and trained more than 1.5 million young people across 54 African countries, sparking the creation of over 1.2 million jobs.

He said:

“If empowered, our youth can transform Africa. If neglected, they can become a source of instability.”

He urged African nations to take ownership of their development path by investing in energy and empowering youth, calling for deeper collaboration between governments, private enterprises, and international development bodies.

Praising initiatives like the World Bank’s “Mission 300,” aimed at expanding electricity access to 300 million Africans, Elumelu concluded with a call to action: “Africa is ready — it’s time we rise and build the future our people deserve.”