POWER SECTOR TO ATTRACT $50BN INVESTMENT SAYS MINISTER

0

-By Oriade Ayomide

aganga

Minister  of Industry, Trade and Investment, Olusegun Aganga, has stated that about $50 billion investment is expected to go into the Nigeria’s power sector in the next few years following successful completion of privatisation of the sector,

The minister while speaking at the 2014 Standard Bank West Africa Investors’ Conference in Lagos, said: “This administration has tackled power supply head on. For the first time in Nigeria’s 53 year history, Nigeria successfully privatised the electric power industry, and is bringing in capital, technology and operational excellence into the sector.”

Speaking further, Aganga said “As a result, 11 distribution companies and four generation companies have been privatised, for over US$3 billion; other generating plants in the National Integrated Power Projects Programme will also be privatised soon. These electricity assets were physically handed over to private owners on November 1, 2013.But privatisation is just the beginning in Nigeria’s power sector, as we now have a pipeline of approximately $50 billion of investments lined up to go into the Nigerian power industry in the next few years.”

You might also like