Nigeria Tycoon Calls for Revamp of Power Sector to Revive Growth
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Nigerian tycoon Tony Elumelu, whose firms control 15% of the nation’s electricity generating market, has urged the government to revamp the power industry, which he said was crucial to revive the struggling economy.
Elumelu, who listed one of his power firms, Transcorp Power Ltd., this week at a valuation of $1.2 billion, said insufficient transmission lines and lack of liquidity in the electricity market are hampering growth in the industry. The power deficit in turn is stymieing the economy and weighing on the nation’s currency, which has plunged 70% since June.