Lagos - A United States consortium, Team Africa has signed an agreement with the federal government to build a 400 megawatt power plant in Bayelsa State.
This is poised to tackle the epileptic power situation in the country.
Minister of State for Power, Muhammed Wakil, said that the federal government and the Bayelsa State government were already working together to provide the necessary assistance for the project to kick off.
He said that the consortium will solely finance the project while the federal government and the Bayelsa State government will provide the site and security for the gas-fired plant, which is set for completion in 14 months.
Wakil also noted that government was already working with relevant regulatory agencies to sought out issues that may hinder the quick completion of the project.
Wakil stated that Nigeria’s legal environment was conducive for investment.
“Nigeria’s population of over 170 million people is a comparative advantage whenever investment decisions are being considered.
Also, the nation’s legal environment is protective of investment and the government has demonstrated the political will to drive investments,” he said.
The leader of the American team, Roy Yeferez, said that the investment decision, which would boost the nation’s power sector, was an offshoot of the recent visit by Wakil to the United States.
According to Yeferez, on the invitation of the Obama Power Africa Initiative, Wakil had convinced the investors that Nigeria was the best investment destination in Africa.
He said that the consortium was ready to assist Nigeria to overcome it power woes.
“There are also plans to increase power generation from the proposed plant to between 500MW and 600MW in the next four years. We are prepared to assist Nigeria with power generation," he added.
He said the paltry generation put at about 4 000MW is abysmally low to cater for 170 million people.
"At least, the country requires 30 000MW now.”
- CAJ News
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