Century Power, a subsidiary of Obijackson group has said that its 1,500 MW power plant project is expected to be completed in 2020. The plant is expected to start making contributions to the national grid by then. The company made the statement on Thursday, 23rd of March in Abuja saying that the plant which is being constructed in Okija, Anambra State, would be built in three phases, the first being 495MW.
The Managing Director Century Power, Mr Chukwueloka Umeh, who spoke at a panel discussion at the Massachusetts Institute of Technology, MIT Energy Conference in the United States expressed the company’s resolve to help solve Nigeria’s power sector challenges in the ways that it can.
“There are challenges facing each facet of the power value chain in the country, starting from gas generation all the way to electricity distribution, and in order to fix these, significant investment is needed.
“A large part of this investment will come from local and foreign investors, but the government must create favourable conditions in all these sub-sectors to ensure influx of these desperately needed investments. It cannot be business as usual.”
He added that; “It is easy to see that we export timber, but import toothpicks simply because we do not have a steady and reliable supply of electricity to allow SMEs manufacture goods locally at competitive prices, thereby creating jobs for the growing unemployed population.
In addition, he explained that Century Power Limited, like the other organizations in the Obijackson Group, is keen on contributing to the development of Nigeria, stating that the country needs all the power it can get to pull it out of the doldrums of suppressed organic economic development.
He added that, “Much work needs to be done, and can only be achieved if the government sees private sector investors as the true catalysts for economic development that they are, and creates appropriate policies to aid sectoral development, as well as provides a favorable climate for such investments.
“Without a robust power industry, providing a steady and reliable supply of power to the country, the much talked about potential of Nigeria will never be realized.”