Elumelu urges US Congress to pass ‘Electrify Africa Act’
International entrepreneur, equity investor and philanthropist, Mr Tony Elumelu, has called on the United States Congress to pass the ‘Electrify Africa Act’ since the passage of the law will make a significant difference in Africa.
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“When you leave this place, call your representatives and the leadership of the House and ask them to pass the bill,” Mr Elumelu, who is the Chairman of Heirs Holdings and Founder of Tony Elumelu Foundation, told members of a packed audience in the United States (US) capital, Washington D.C.
The Power Africa Initiative
Speaking at the “Power Africa Summit” at the weekend at Mariott Hotel in Washington D.C., Mr Elumelu commended President Obama for working through the Power Africa Initiative to mobilise the private sector to invest US$43 billion in the African power sector.
The bill, which would preserve and expand President Barack Obama’s Power Africa Initiative by codifying access to electricity as a US f
His call follows the joint letter to the US Congress from Mr Elumelu and President of Dangote Group, Mr Aliko Dangote, on behalf of the African Energy Leaders Group (AELG), which they co-founded with other leaders in January 2015.
The letter similarly urged members of the US House of Representatives to act swiftly and pass this critical piece of legislation to scale up US efforts to help provide Africans with access to electricity.
Africa must win
According to Mr Elumelu, who is also the Chairman of United Bank for Africa Plc, Africa must win the energy challenge if it sought to become an industrial power in the 21st century, noting that “power outages on the continent must spark power outrages; the kind of outrage that ignites the activist in us.”
Elumelu’s Heirs Holdings – a propriety investment company – through Transcorp Power Limited, has committed US$2.5 billion to deliver 2,000 megawatts of electricity under the Power Africa Initiative.
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Already Transcorp Power is currently generating about 19 per cent of Nigeria’s power needs with a target to increase capacity to 25 per cent in the near future.
“Power cuts across and has impact on healthcare delivery, job creation, education, food security communications and all other sectors of the economy. It is unacceptable that 600 million Africans lack access to energy in the 21st century,” Mr Elumelu bemoaned.
Next phase of US-Africa trade
In furtherance of his advocacy for Africa, the business magnate also testified before the US International Trade Commission on ‘The Future of the US-Africa Trade and Investment Relationship’ on the same day.
Chaired by Ambassador Michael Froman, the US Trade Representative, the hearing was part of efforts by the US government to put building blocks in place for the next phase in its economic relationship with Africa.
The recognised African business and thought leader was invited to share ideas on how to enhance the US-Africa trade and investment relationship beyond the preferential access to the US market for Africa’s products under the African Growth and Opportunity Act (AGOA) to other tools such as free trade agreements and investment treaties among others.
Speaking at the hearing, Mr Elumelu said Africa did not need another trade agreement or preferential programme, but a new trade paradigm that strengthened the trade and investment relationship with Africa.
“It is time to move beyond the unequal exchange of cheap raw materials for expensive finished goods that disadvantages Africa,to one that ensures technology transfer and sustainable economic development, huge economic returns for investors and creates new jobs for both sides.” — GB