Nigeria woos power investors
Nigeria’s Minister of State for Power, Hajiya Zainab Ibrahim Kuchi has reiterated the enormous market for electricity in Nigeria, and called on would-be investors to take advantage of the impending boom.
She was receiving a delegation from India’s highest power generation company, Bharat Heavy Electricals Ltd, led by the Secretary to the Government of India, Department of Heavy Industry, Dr. Sunatu Behuria. The Minister said there were opportunities in all the three chains of electricity adding that there are even more in the renewable like small hydros, solar, wind, waste to fuel and coal to power.
The Minister assured the would-be investors of bumper returns on their investment as Nigeria is known for high returns on investment. The electricity market will not be an exception, as what Nigerians want is adequate and uninterrupted power supply.
She therefore, counselled the group to cash in on the environment conducive to investment created by Government and invest as Independent Power Producers.
The Minister said there are vast opportunities available for the production of small megawatts of electricity in short term outside the national grid system. She reiterated the commitment of President Goodluck Jonathan to the realization of the lofty ideas contained in the power sector road map requesting the support of the Indian group in the realization of the Government’s vision for the sector.
On a capacity building proposal, the Minister said that Government would be interested in signing a long term agreement with the company, just as she said that such a move would be mutually beneficial to the parties.
Earlier, the leader of the delegation and Secretary to Government of India, Dr. Sutanu Behuria, said Baharat Heavy Electricals Limited was ready to invest in the Nigerian Power Sector, especially in the areas of hydro power (small and medium) and other renewable energy.
He said the company had a record of being the highest producer of electricity in India with business interests in Asia and Africa.