5 May 2014

Africa: Nigeria Govt Set to Reap U.S.$7.5 Billion from 'Power Africa' Initiative

Abuja — Minister of State for Power, Mohammed Wakil says Nigeria could reap up to $7.5 billion investment from the Power Africa Initiative of the U.S. President, Barrack Obama.

Wakil, just returning from an official trip to the U.S., said in Abuja that there are genuine interests from foreign companies to invest in Nigeria's power sector.

The minister who attended the Power Africa B2B Summit organized by the US Commerce Department in Miami Florida, listed many investment opportunities available in Nigerian conventional and renewable power sector.

The presentation was made under the overall auspices of the Power Africa Initiative which was designed to mobilise investment fund from the private sector to power the African continent.

Wakil noted that investors were impressed with opportunities available in solar, wind and other areas of the Nigerian energy market.

Wakil said most investors he met at the event were positively disposed to investing in Nigeria especially in the areas of renewable energy such as wind, solar and hydro power.

"I met many investors and I have been getting positive feedback from many of them. In the next few weeks,some of them will be in Nigeria for exploratory investment visits. Some are interested in establishing solar plants while others are interested in wind farms", the minister said.

The minister said the would-be investors were impressed with existing incentives designed to attract investors such as risk guarantee, the waiver regime for renewable energy equipments, favourable policy framework among others, assuring that "Nigeria as one of the six focus countries will benefit massively from the Power Africa Initiative.

"The visit has helped to further open up the Nigerian energy market to potential investors under the auspices of the Power Africa Initiative. Many business leaders I met accept that Nigeria, as the biggest economy in Africa and with ongoing power sector reforms, is the place to invest".

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