Vice President Namadi Sambo and the minister of power, Prof. Bart Nnaji, have urged foreign investors from the United States of America to invest in Nigeria’s power sector, saying they have a lot to gain.
Speaking at the plenary session of the United States EXIM Bank 2012 Annual Conference in Washington DC, Sambo said the country had put in place a reform programme that would guarantee an enabling environment for foreign direct investment.
He added that for a country with a population of about 170 million people, 3000 to 4000MW of electricity is grossly inadequate to drive investment and grow the economy, saying that this had necessitated the plan to generate 30,000 megawatts of electricity in the country.
“We are happy with the relationship and support we are having from the American US Export- Import Bank.? There is good intention for the bank to support the growth of our economy, particularly in power and agriculture.??
There is initial confirmation of about $1.5 billion to support the growth of the economy of Nigeria and the World Bank is also supporting us with partial risk guarantee to ensure that investors are properly protected in Nigeria,” he said.
Sambo further revealed that the federal government had built 10 thermal plants that would be managed by the General Electric of the USA,? the Mambila hydro project, the construction 200 dams to enhance power generation and agriculture, as well as facilities for solar energy.
He also said that institutions that would protect investment in the country, such as the National Electricity Regulatory Commission (NERC), Bulk Trader, Gas Aggregator, National Asset Management of Nigeria and others, were established to add value to the power sector.? He said that government was also rehabilitating roads and railways, and building new ones, just as sea and airports are being renovated.
In his remark, Prof. Nnaji said President Goodluck Jonathan had launched a power roadmap in 2010 to ensure a phase-by-phase implementation of the reform in the sector, adding that there is no tariff increase for