Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


AfDB hails Nigerian power sector reform

17 July 2014, 12:33

Abuja - The African Development Bank (AfDB) has described Nigeria power sector reform as the most ambitious ever undertaken in the history of the country.

This is contained in the bank’s 2013 Economic Report on Nigeria released by its country office in Abuja on Wednesday.

According to the report, power generation in the country is targeted to reach 13 000 megawatt by 2015 and 40 000 megawatt by 2020.

It stated that the institutionalisation of the reform through the 2005 Electric Power Sector Reform Acts was a positive step taken to actualise the successful power sector reform.

The report noted that significant progress made in implementing the reform included the unbundling and privatising the long-standing government owned monopoly firm in the sector.

It said the successful handover of generation and distribution assets to private investors in November 2013, development of cost reflective tariff and establishment of market players were commendable.

It added that power reform had attracted significant investment into the sector with the signing of memorandum of understanding with energy giants like General Electric, Siemens, power China and Elecrobas.

The report said the federal government‘s $30 million, AfDB’s $100 million and Chinese EXIM Bank’s $500 million intervention funds to the Transmission Company of Nigeria contributed to the success of the reform.

It, however, identified some challenges confronting the reform, which include raising long-term finance for the emerging private sector-owned generation and distribution companies estimated at $10 billion by 2020.

It stated that the funding challenge could be tackled by creating private sector financial intermediaries and instruments for deploying the country’s pension fund totalling about 23.2 billion dollars as at December 2013.

-  NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...