Nigeria First (Abuja)
13 June 2008
Abuja — President Umaru Musa Yar'Adua announced on Friday June 13 in Paris that his Administration will formally declare a state of emergency in Nigeria's power sector next month.
Responding to concerns expressed by prospective French investors over current power supply problems in Nigeria, President Yar'Adua said that under the emergency which will be in force for three years, the Federal and state governments will set aside Five Billion Dollars for the rehabilitation and expansion of Nigeria's power generation, transmission and distribution infrastructure.
The President told the gathering of French businessmen that after the three-year emergency period, Nigeria's generation and distribution infrastructure will be privatised while its transmission infrastructure will remain under the control of a state-owned company.
He said that Nigeria will seek additional financing from international finance institutions for the rehabilitation and expansion of its power infrastructure, adding that his Administration intended to establish a proper foundation for the increment of Nigeria's power generation capacity to about 50,000 megawatts by the year 2020.
President Yar'Adua invited the French businessmen to take greater advantage of the immense investment opportunities thrown up in all sectors of the Nigerian economy by the deregulation and privatisation.
On the Niger Delta, the President said that a summit of all stakeholders in the region will take place next month in furtherance of his Administration's efforts to address the causes of militancy and violent agitation in the area.
Before leaving Paris for Abuja, President Yar'Adua met with African Ambassadors to France.
He told them that as Africa's representatives in one of the world's major economies, they had a duty to make the continent's case for equity to its development partners and to present its perspectives on the critical socio-economic, developmental and political issues in a fast-globalising world.
"In the reality of today's world, you have a responsibility and obligation as Africans to form yourselves into a functional, pro-active and effective synergy to drive our continent's quest for regeneration.
"In the spirit of our collective quest for enhanced continental integration and eventual Union Government, you are obliged to speak with a single, strong African voice on issues that pertain to the continent's desire for the evolvement of a globally competitive regional economy.
"In that way, we can ensure that we work collectively to extricate Mother Africa from the vicious cycle of underdevelopment, endemic poverty and instability," President Yar'Adua told the Ambassadors.
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