No fewer than 311 financiers are currently jostling to invest and support the growth of Nigeria’s power sector.
This follows indication of their interest to partner with the Federal Government at global conference on financing the power sector taking place in Abuja next week.
The Permanent Secretary, Ministry of Power, Godknows Igali, disclosed these to State House Correspondents after a meeting meant to brief Vice President, Namadi Sambo at the Presidential Villa.
Igali said the conference being put together by the National Council on Privatisation, already has the blessings of the World Bank, African Development Bank, Islamic Development Bank, Export-Import Banks among the over 311 participants.
According to him, “Financing is a major aspect needed to open the gate of development in this country. Various factors are needed to be addressed, for example the power and transport sectors, and financing is needed.
“We cannot say now how much money we will be able to raise but so far as at this morning, over 311 investors have indicated their interest to partner with us and they have registered for the conference.
“But we still have up to the end of this week for them to register before the meeting takes place next Monday. We will sign Memorandum of Understanding (MoU) on that occasion.
“We think that when these happen they will be able to create more assets being in new infrastructure and before long, Nigerians will see the change. We have gone far with the process of planning and as you know we need to inject more funds into the power sector”.
He explained that the fund is expected to be a long-term concessionary funding which the new power investors can use to maintain not only the integrity of the system, and add more value by upgrading and modernizing some of the assets.
On the epileptic power supply being experienced in some parts of the country, Managing Director of the Niger Delta Power Holding Company, James Olotu, explained that “As a result, our gas supply has been a little bit restricted. We are looking at these problems but Nigerians should just bear with us while we put the problem on the table and find permanent solutions to them”.
“ Let me also add that the private owners took over these facilities on November 1, 2013. It is true that having lived in the darkness for a long time, people are in a hurry to see that there is immediate improvement.
“But let us give the owners an opportunity. That is also why we are trying to create opportunities for them to borrow money at affordable rates”.3