Economy’ll grow by 15% with adequate power—Avuru

The Chief Executive Officer of SEPLAT, Mr. Austin Avuru, weekend, said that the “Nigerian economy which is presently growing at 7 percent will leapfrog to 15 percent per annum if we get the power situation right.”

He spoke in Monte Carlo, France, where he was participating as a finalist in the Ernst and Young World Entrepreneur of the year 2014. Avuru was named winner in the Master Category for the Nigeria and West African sub-region on November 9, 2013.

He also spoke about the emergence of SEPLAT as the leading indigenous oil and gas player. He said: “For 50 years, the oil and gas industry in Nigeria was dominated by oil and gas multinationals. If it was that easy, it wouldn’t have been a 50-year dominance. In the past 20 years, there have been several regulatory attempts to introduce indigenous participation. It didn’t work. It looks easy because we walked in, did a landmark transaction, led the way and we have shown how it can be done, built a world class company, took it to the stock exchange and raised half a billion dollars.

“It looks easy because we did it right. One of the most difficult industries to operate in is the oil and gas industry.”

Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websits. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.

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