News Column

About 311 Investors Partner FG On Power Financing

February 4, 2014

Jaiyeola Andrews

Over 311 investors have expressed interest to partner the federal government on the financing of power sector. The Permanent Secretary of the Ministry of Power , Mr. Godknows Igali, dropped the hint in an interview with journalists in Abuja Monday. According to him, the investors include the World Bank , Islamic Development Bank , the African Development Bank , among others. Igali said they would attend a global conference on power sector financing which the government, through the National Council on Privatisation (NCP), would host next week. He said the government was bringing together international investors with a view to raising funds and enhancing access to power. "Financing is a major aspect needed to open the gate of development in this country...We cannot say now how much money we will be able to raise, but so far, as of this morning, over 311 investors have indicated their interest to partner with us and they have registered for the conference. "But we still have up to the end of this week for them to register before the meeting takes place next Monday. "We'll sign an MoU on that occasion. We think that when this happens, they'll be able to create more assets, bring in new infrastructure and before long, Nigerians will see the change. "We've gone far with the process of planning and as you know, we need to inject more funds into the power sector. The fund is expected to be a long term concessionary funding which the new power investors can use to maintain not only the integrity of the system, but add more value by way of upgrading and modernising some of the assets" Igali stressed. Also speaking, the Managing Director of the Niger Delta Power Holding Company , James Olotu , attributed the irregular power supply in the country to gas pipelines' vandalism. "As a result, our gas supply has been a little bit restricted. We're looking at this problem, but Nigerians should just bear with us while we put the problem on the table and find a permanent solutions to it," he said.

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Source: AllAfrica

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