Lagos — President Goodluck Jonathan yesterday said that more than $40 billion worth of investment would be generated by the power sector in the next 10 years.
Jonathan, who was represented by the Minister of Industry, Trade and Investment, Mr Olusegun Aganga, gave the assurance at the 10th Lagos International Trade Fair.
"We have created an environment for investment; it is in this capacity that over $40 billion worth of foreign investment will be coming into the country within the next 10 years.
"These are coming from companies like China Power that has invested over 20,000 megawatts of power and General Electric co investing another 10,000 megawatts of power.
He threatened to sanction new owners of the successor companies of the Power Holding Company of Nigeria (PHCN), who default on the delivery of performance agreement they signed with government.
The President expressed optimism that Nigeria would overcome its power challenges in no time following the transfer of the assets to the private sector.
He said; "Today's handover marks the concluding stage of the transaction for the four generation companies and 10 distribution companies. The challenges facing the electricity sector in Nigeria are enormous, but we are equally convinced that the opportunities in the sector are enormous.
"Therefore, the Federal Government is committed to creating the enabling environment that would incentivize private sector investors to take on these challenges and the opportunities to ensure quality and cost effective service delivery to the Nigerian electricity consumers."
Speaking, chairman of West Power and Gas Ltd, Mr. Charles Momoh, commended the Federal Government over the transparent manner the privatization of the power assets were conducted, saying that the development is a manifestation of the huge confidence the international community reposed in Nigeria.