Nigeria and the United States of America yesterday pledged their commitment to the implementation of the reforms in the power sector. This was even as they said that they would institute best practices to ensure the optimal performance of the sector.
Both nations agreed to work together to uplift the sector because of its strategic importance to the Nigerian economy.
The two allies made this pledge after the meeting of a working Group on Energy and Investment of the US-Nigeria Bi-national Commission in Abuja
According to a statement made available to LEADERSHIP, “the Government of Nigeria and its United States counterpart have reaffirmed their commitment to continue to cooperate in implementing the reform of the power sector and instituting best practices to assure optimal performance of the sector and to attract needed investment.”
Recognising the need for private sector participation in power generation, transmission, and distribution, both countries noted that renewable energy has an important role to play in rural electrification and that by reducing flaring and monetising gas resources Nigeria would enhance its energy sector.
The two countries stressed the importance of the Global Alliance of Clean Cook Stoves and affirmed their support to introduce fuel-efficient cook stoves, especially to rural communities in Nigeria
The Government of the United States, according to the statement, pledged to continue working through the US Agency for International Development (USAID) to enhance capacity building in support of private sector participation in Nigeria’s power sector.
“The Government of the Federal Republic of Nigeria pledged to work toward a timely and comprehensive reform of the petroleum sector, recognising the critical benefits to Nigeria of a stable and transparent investment framework that upholds global standards of sanctity of contracts and comparable taxation regimes.
“The US recognised the leadership of Nigeria in attaining the status of EITI compliant country. Both sides pledged to work together to continue the process of ensuring the adoption of transparent rules and regulations in the extractive industries sector,” the statement averred.
It, however, noted that the US briefed the government of Nigeria on recent developments in the United States, including the Cardin -Lugar Energy Security, through transparent provision to the 2010 Wall Street Reform and Consumer Protection Act which “will complement the work of the Extractive Industries Transparency Initiative.”
