Monday, 11 February 2013

EIB mulls investing in Nigeria's power sector

The European Investment Bank (EIB) said it was interested in investing in Nigeria’s power sector.

An official of the bank, Rogr Kelly said in Abuja when he led a delegation from the bank on a fact-finding visit to the Ministry of Power.

He said the bank was willing to assist Nigeria to reduce the challenges it was facing in the power sector.

He said the bank had assisted other developing countries in solving their energy problems in the past.

He said the bank was willing to invest about 50 percent of its equity share in renewable energy, small hydro plant and biomass.

Nigerian Minister of state for Power, Zainab Kuchi
Responding, the Minister of state for Power, Zainab Kuchi informed that Nigeria planned to generate over 10,000 megawatts in 2012, regretting however that it could only generate about 4,500 megawatts at the end of the year.

She said that Nigeria had an enabling environment for investors interested in investing in the power sector.

She said that Nigeria would need N3.5 billion annually to meet its targeted 40,000 megawatts by 2020.

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