The Minister of Power, Works and Housing Mr. Babatunde Fashola, has reiterated on the viability of the Nigeria power sector as against the perceived believe of poor return of investment made into the power sector. Similarly it has been assumed that global investors in power systems have opted for safer heavens.
Fashola made this known on Thursday, in Abuja when he inaugurated a project for emergency improvement of electricity supply called the power capacitor bank built by the Japan International Cooperation Agency (JICA) at the Apo substation of the Transmission Company of Nigeria (TCN). He stated that it was wrong to assume that investors in electricity systems were leaving Nigeria, adding that on the contrary, the appetite for investments in the country’s power sector is still high.
According to him, “This morning, somebody said all the investors are leaving Nigeria. But please play the speech of the Japanese Ambassador, Sadanobu Kusaoke, to this person that not only have they (JICA) completed these projects, they are undertaking another one in Lagos and they are going to do more.
“If there was one sector in the Nigerian economy that investment appetite is high, it is the power sector, and the potential that it has is very high. I couldn’t say more eloquently than the way Kusaoke has put it.”
This assurance from the minister is one that has been long-awaited to clear the negative speculations on the viability of the power sector.
On the 60MVAR power capacitor bank, he noted that the facility would help improve the voltage of electricity supplied to selected locations across the country.
The minister also explained that a second power capacitor bank which would serve other locations would be located in Keffi, Nassarawa State, and will be handed over to the federal government by JICA in June this year.