- The Eagle Online
The International Finance Corporation, a member of the World Bank Group, said it is ready to help Nigeria to develop its power sector if necessary challenges in the sector are settled.
Essien Lore, the IFC Country Manager in Nigeria, stated this at the 5th Annual Powering Africa Nigeria Conference in Abuja on Thursday.
The conference, which was organised by Energy net, a United Kingdom-based company, is designed to forge the partnership with investors on sustaining energy in Africa and Nigeria.
It is also designed to evolve workable measures of ensuring energy access and energy efficiency in Nigeria’s power sector.
Lore said that the challenge with the power sector in Nigeria was not just the issue of liquidity, but sectoral issues.
She said in spite of the success recorded so far in the nation’s power sector over the years, there were still some sectorial issues that needed the attention of all stakeholders.
She said the power sector was in a state of emergency, adding that solving it required a sense of urgency, the coalition of public and private partners with clear defined actions.
However, she identified sectoral deficit, inadequate gas supply, sectoral governance, transmission bottlenecks and inadequate generation as major challenges confronting the sector.
She also said that the World Bank group was ready to support well-designed power projects in Nigeria, noting that the group had earmarked $2 million to support the development of power in the country.
Her words, “As a member of World Bank group, from our perspective, the only thing that is preventing us from supporting more projects is the sector issues.”
She said, “We are on the right part and we are envisaging that the power issues we face today will be a thing of the past and the sector issues need to be addressed.”
She said investing in the power sector was an investment that would have a ripple effect on the entire sectors, adding that IFC was ready to support investment in the sector.
She also noted, “We don’t have a problem of liquidity; the issue is to get the sector issues right and once we get them right the needed support will com.”
The Permanent Secretary, Federal Ministry of Works and Housing, Abubakar Magaji, said that buildings were major consumers of electricity generated.
Magaji said Nigeria had the plan of reaching 10,000 megawatts of electricity generation before 2020.