The private sector plays a vital role in driving national development. As a responsible corporate citizen, Transnational Corporation Plc (Transcorp) recognizes the immense potential of the private sector to stimulate economic growth, create wealth, and address social and environmental challenges.
Speaking at the 66th Annual General Meeting for Nigeria Employers Consultative Association (NECA), the President/GCEO of Transcorp Group, Dr. Owen Omogiafo, OON said “There are a lot of misconceptions about our country. In everything we do, it is our role as private sector leaders and operators to work on changing that narrative.”
During her speech, she emphasized the role of the private sector serves as a catalyst for economic growth and wealth creation. Successful businesses contribute to the overall expansion of the economy by stimulating investments and creating job opportunities. Transcorp’s acquisition of strategic government assets, such as Ughelli Power Limited and Afam Power Plc, exemplifies our commitment to transforming the Nigerian economy. Through these endeavours, we have successfully turned around these assets, fostering national development and empowering local communities.
Driven by competition and profit incentives, private enterprises promote efficiency and productivity. In their pursuit to deliver products and services more effectively than others, businesses bring about cost reductions, improved quality, and increased output. Such outcomes benefit both businesses and consumers, driving economic progress. Transcorp continuously strives for excellence, leveraging its diversified portfolio to optimize efficiency and deliver superior services to our stakeholders.
Private sector activities generate tax revenue that is essential for funding public infrastructure, social welfare programs, education, healthcare, and other government initiatives. As a responsible taxpayer, Transcorp actively contributes to the development of Nigeria by fulfilling its tax obligations.
The private sector also plays a crucial role in attracting investment and mobilizing capital, facilitating growth and development. Through entrepreneurial endeavours and strategic investments, businesses like Transcorp stimulate research and development, infrastructure projects, and expansion plans. Through the allocation of financial resources to sectors with significant potential for positive social transformation, we actively contribute to Nigeria’s economic progress.
“As a private sector, when you grow, you can create more value for your shareholders, more jobs, and do more within the community that you operate,” she added.
In addition to economic growth, the private sector has the power to address social and environmental challenges. At Transcorp, we embrace the principles of Africapitalism, making decisions focused on economic and social wealth. Through our corporate social responsibility (CSR) initiatives, we invest in community development projects, support education and healthcare, and promote sustainable practices.
Transcorp integrates Environmental, Social, and Governance (ESG) criteria into all aspects of our business dealings and investment decisions. We recognize that responsible and impactful businesses are essential for long-term success. Following our ESG principles, we ensure that our investments prioritize economic and social wealth while considering environmental sustainability. As we rethink the role of the private sector, greater emphasis on ESG becomes crucial to drive positive change.
Together with the Tony Elumelu Foundation, Transcorp Group is actively contributing to Nigeria’s national development through strategic investments and initiatives. Transcorp Power Plc., our leading power generation company, has significantly increased access to electricity, powering industries and driving economic growth. Our commitment to developing local communities is evident through vocational training programs and the provision of seed capital to empower individuals and stimulate entrepreneurship.
The Tony Elumelu Foundation has also made a remarkable impact, providing seed capital and support to thousands of African entrepreneurs. The Foundation’s initiatives align with the Africapitalism philosophy, driving the development of the African continent, fostering innovation and economic growth.
Commenting on the impact of the Tony Elumelu Foundation in Africa, Dr. Omogiafo said, “Through the Tony Elumelu Foundation, we started changing the narrative of how aid is given to Africa. We are not looking for handouts, give us investments. When you invest in someone and they succeed, what does that person do? They can impact their environment; the growth multiplies and there is a ripple effect.”
In the face of challenges such as insecurity, policy inconsistency, funding constraints, and infrastructure gaps, the private sector remains a powerful force in driving change and spurring national development. Transcorp Group is dedicated to transforming the Nigerian economy, leveraging strategic investments and responsible business practices. Through our commitment to ESG principles and our collaborative efforts with the Tony Elumelu Foundation, we strive to create positive social transformation, enhance the overall quality of life, and build impactful businesses in key strategic economic sectors.
About Transnational Corporation Plc (Transcorp)
Transnational Corporation Plc (Transcorp Group) is a publicly quoted conglomerate, with a diversified shareholder base of approximately 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. From Transcorp Hilton Abuja to Transcorp Power, our businesses are driven by a shared purpose of improving lives, transforming societies, and contributing to the growth story of Nigeria. Visit our website, www.transcorpgroup.com, to learn more about our journey of impact and transformation.