4 March 2014

Nigeria: Opportunities Abound in Power Sector - FG

press release

The Nigerian Government has enjoined financial institutions to consider huge investments in the power sector as abundant opportunities exist within the sector. In his speech while receiving the Chief Executive Officer of Citi Bank Group for Europe, the Middle East and Africa, Jim Cowles in his office, the Nigeria's Vice President, Mohammed Namadi Sambo noted that the power sector is a success story in Nigeria.

He commended the Ministry of Finance and the Debt Management Office (DMO) for their efforts in ensuring the over - subscription of the Euro bond. He noted that the recent financial institutions' conference which held recently in Abuja highlighted the varied opportunities which exist in the power sector as well as other infrastructural sectors of the economy.

Vice President Sambo called on the Citi Bank Group to create avenues for investment in the power generation and distribution sectors. He also revealed government's plans to develop the sugar industry as well as food inputs as a lot of resources have been expended on them annually. He expressed appreciation for the visit and called for more investment into the Agric sector, just like the major rice investment in Taraba State. He enumerated the efforts being made in the Zungeru Hydro power plant and the Mambilla Hydro power to ensure that power is achieved and businesses thrive, especially the Small and Medium - Scale Enterprises.

Earlier in his remarks, the Chief Executive Officer of Citi Bank Group, Jim Cowles said that the bank has designated five countries as investment countries and Nigeria is one of them. He appreciated the initiatives of the Ministry of Finance and the DMO in their efforts towards ensuring the over subscription of the Eurobond. He also said that the bank has confidence and is committed to Nigeria. Adding, the bank has operated in Nigeria for over 30 years under the name NIB.

Present at the meeting were the CEO, Sub Saharan Africa of the Bank, Ade Ayeyemi; Public Sector group - Africa Treasury and Trade Solutions, Funmi Ogunlesi and the Vice President / Senior Public Sector Banker (Nigeria), Baba Kulloma.

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