Immediate past Minister of Power, Prof. Bart Nnaji, has called on indigenous and foreign electricity firms in Nigeria to utilize opportunities provided by a series of Memoranda of Understanding (MoUs) signed by the Nigerian government and international investors in the last one year to accelerate the development of the power sector.
The former minister made the call yesterday in Abuja where Geometric Power Ltd signed a Joint Development Agreement (JDA) with General Electric Power of the United States, the world's largest manufacturer of electric equipment.
The agreement is for the establishment of a 450Megawatt power facility in Aba, Abia State, where Geometric Power, founded by the former minister to develop model power projects in Nigeria, is already completing a 140MW integrated power system.
Some of the MoUs include the one with General Electric (GE) for the building of new plants to generate 10,000MW and the agreement with the United States Export-Import (EXIM) Bank to provide $1.5billion credit facility to firms using American goods and services.
Nigeria has also signed MoUs with Siemens of Germany and Daewoo of South Korea to help establish power plants to generate 10,000MW each.
"By entering into a development partnership with GE, we have taken a concrete step to give a practical expression to the MoUs which international investors signed because of their growing confidence in the Nigerian economy, especially the ongoing power sector reform which President Goodluck Jonathan is pursuing religiously in the interest of all the Nigerian people," he said.
Nnaji disclosed that the 450MW plant to be built with GE would cost $500m. "The plant will be ready in not more than three years", he said, explaining the difference in GE's roles in the establishment of the 140MW Aba Power project which will be commissioned in March and the new one.
He cautioned Nigerians who invest abroad rather than in their country thus; "Capital flight does no one any good. Return on investment in Nigeria is much higher than in most countries of the world.