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Investors ready to invest in Nigeria's power sector

04 February 2014, 08:52

Abuja - A total of 311 Investors have so far indicated interest to partner with the ministry to boost electricity supply across the country. This is according to the Permanent Secretary, Federal Ministry of Power, Godknows Igali.

Igali made this known when he spoke with State House correspondents after a meeting on the forthcoming International Energy Investors’ Forum, chaired by Vice President Namadi Sambo.

He said the prospective investors had also indicated their interests to participate in the Investors’ Forum, slated to hold in Nigeria on February 10.

“We have gone far with the process of planning and as you know we need to inject more funds into the power sector.”

“We need long term concessionary funding so that we can maintain not only the integrity of the system, but add more value by way of upgrading and modernising some of the assets that we have.”

“It is in that respect that government is bringing together international investors.”

“It is a conference where government is expected to work with the private sector to bring in private funds and facilitate access to funds for the private sector.”

``That is why, all those involved, ministry, the Niger Delta Power Holding Company, the Bureau for Public Enterprises, came to brief the vice president on preparation,’’ he said

According to him, the Federal Government at the event, will sign Memorandum of Understanding (MoU) aimed at improving the nation’s power sector.

Igali, who acknowledged that the power sector was facing some challenges bordering on vandalism of gas pipelines, said efforts had been intensified to address the problems.

“We are looking at these problems. Nigerians should just bear with us while we put the problems on the table and find permanent solutions to them.”

-    NAN

Tags abuja power

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