There are strong indications that two South Korean firms, Daewoo Engineering and Construction Company, and Korea Electricity Power Company (KEPCO), are to lead a consortium of other investors to build two new power plants in Lagos state before the end of this year.
The two companies said they are putting every mechanism in place to pave the way for their investment in the power sector in Nigeria.
The President and Chief Executive Officer of KEPCO, Joong-Kyum Kim, said his company desired to strengthen their investment in the Nigerian power sector.
According to him, the new power plants is another of their bilateral economic commitment with Nigeria including those in the oil and gas sector. 'We have the requisite experience and capacity to participate actively in the development of any facet of Nigeria's energy sector', he said. Before now KEPCO had invested in Egbin power plant in Lagos state.
On their part, Daewoo's President and Chief Executive Officer, Mr. Jong-Uk Seo, expressed confidence and willingness of his company to continue business in the country. According to him, Daewoo has been doing business in Nigeria for the past three decades.
At the on going Lagos State economic Summit, last week, President Goodluck Jonathan said that the Federal government had approved two new emergency power plants in Lagos state to help reduce the epileptic power supply in the state.
The president, who was represented at the Summit by the Minister for Trade and Investment, Dr. Olusegun Aganga, said this is part of the Federal Government strategy to increase power capacity this year nationwide.
'We are working on two important power plants to be cited in Ijora and Egbin, Lagos. This is part of the Federal Government strategy to increase power capacity this year. And it is meant to give Lagos State an adequate and sustainable power supply', he said.
The President in a recent meeting with some Korean firms had said he had already directed the Ministry of Trade and Investments to review incentives for companies willing to invest in the country. He explained that Nigeria is willing to support them to establish industries in Nigeria.
According to him, the aim is to see the rapid industrialisation of the country and to create jobs for the teeming population of Nigerians most of who are youths.