The Minister of Power, Works and Housing, Mr Babatunde Fashola has urged local and international investors to take advantage of the various investment opportunities in the power sector to boost their fortunes and improve electricity supply in Nigeria.
Fashola made the call at the opening of a two-day EU/Nigeria business forum organised by the European Union (EU) delegation to Nigeria in Lagos.
He listed the investable areas in the sector to include the distribution companies which need capitals to buy meters, gas supply, generation companies, Transmission Companies of Nigeria (TCN), rural electrification, promotion of coal and solar power and funding graduates of the National Power Training Institute to be able to produce cables and other power equipment.
In his words, “Public Private Partnership (PPP) is key in financing projects and providing infrastructure. We in governance recognise that and serious investors know we are ready to create a framework for sustainable development.”
Contributors at the panel discussion include Chief Executive Officer, Nigeria Sovereign Investment Agency, Mr. Uche Orji; Deputy Country Director, Agence Francaise de Development (AFD), Mr. Hugo Pierrel; Country Manager, International Finance Corporation, EmeEssien Lore; and the Head, Economic Cooperation and Energy Section, EU delegation, Mr. Juan CASlA.
They stressed the need to harness grants for renewable power generation and called for increased commitments in power generation and distribution through partnership. The experts advanced the need for creation of credit guarantor system for projects in the power sector.
The Kaduna State Governor, Nasir el-Rufai said infrastructure deficit, especially electricity, had been a major challenge in the textile industry, hence the need to support the government in providing steady power supply.