Tony Elumelu, the Chairman of UBA Group, on Thursday charged Nigerian leaders to focus more on investment in security of lives and property as well as power sector in order to drive the nation’s economy and development.
The renowned banker and entrepreneur said reliable electricity is crucial for industrialization of the country, education, technological advancement and overall economic growth, adding that without that, the country might not go far.
Elumelu stated this at the National Institute for Security Studies, Abuja, when he delivered a graduation lecture themed: “Emerging Technologies as Catalyst for Sustainable Social Economic Growth and Partnership; Opportunities for Africa” for members of Executive Intelligence Management Course 17.
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While disclosing that his company would soon add 2,000 megawatt to the national grid, he said, “We must invest in infrastructure to ensure that all Africans, regardless of their location – whether in rural areas or urban centers – benefit from these advancements. Power plays a pivotal role in this.
“Development is impossible without reliable electricity. I urge our leaders to prioritize two things: security and improved access to electricity. If these two areas are addressed, the entire continent will thrive.
“Electricity is a fundamental resource that impacts every facet of life, from healthcare to businesses and homes. Nigeria cannot industrialise, equip our youths, cannot be educated, without ensuring that our abundant natural resources are translated into plentiful, affordable, available and robust power for all.
“A power ecosystem that encourages investments and unlocks our economy and creates prosperity. Development is impossible without power.”
Speaking on emerging technologies and their positive impacts on national development, Elumelu noted: “I firmly believe that emerging technologies—be they artificial intelligence, biotechnology, or renewable energy—are not merely tools of convenience, but powerful engines of growth, capable of driving unparalleled social and economic development across Africa.
“One thing you must take away is that your job will help you to create an orderly and secure society. Technology is democratising access to electricity. It is helping to break down barriers that have long hindered progress.
“By investing in digital literacy and infrastructure, we can ensure that no African is left behind in this digital revolution. We have missed the first, second and third industrial revolutions. This fourth revolution, we must all work to make sure we do not miss ours on this”.
On security, Elumelu shared a personal experience from 2020 when his company acquired oil mining assets, revealing that nearly 97% of their production was lost to theft, depriving the country of substantial revenue.
However, he acknowledged improvements, noting that due to efforts by the government and security forces, losses have now decreased to just 10%.
“Security is critical. When we acquired oil mining assets from Shell in 2021, oil theft was taking over 97% of our production, and the revenue that should have contributed to national wealth was being stolen. Today, through the collaboration of our security forces, that figure has dropped to less than 10%,” he added.
Elumelu called for a strategic, focused approach to these issues, affirming that with the right priorities, sustainable development is within reach.
Earlier in his remarks, the Director General of the Department of State Services (DSS), Mr. Adeola Ajayi, charged the participants to apply the knowledge acquired to improve the security ecosystem in their respective countries.
In his welcome address, the Commandant Mr. Joseph Obama, revealed that the strategic leadership/security institute has graduated a total 960 participants since its inception.
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