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Thursday, 25 September 2014
Nigeria: US Consortium To Invest N35bn In Nigeria’s Power Sector
The quest by the Federal Government to attract investment into the Energy Sector and boost electricity supply in the country may have received additional boost as consortium of American Investors have indicated interest to inject about 100 Mega Watts of electricity in Abuja and Kano State.
The value of the renewable energy investment is N35billion about ($212 million) and is expected to come on stream by the third quarter of 2015. The consortiums of American companies who have indicated interest are Global Business Resources USA, Global Resources Network USA, Flatbush Solar USA and Charbourne & Parke, LLP USA.
The Group which was led by Mr. James C. Nicholas, executive partner of Global Business Resources USA disclosed this yesterday when they paid a courtesy visit on the executive secretary of the Nigerian Investment Promotion Commission (NIPC), Mrs. Saratu Umar, in her office. The group is in Nigeria to explore opportunities in renewable energy development under the Umbrella of Power Africa Initiative of President Obama.
The group has already begun discussion with Abuja Distribution Company and would be visiting Kano to discuss on where to site the project and other logistics. They are also desirous to embark on rural electrification project across the country with a view to supplying electricity to rural dwellers and provide relevant tools or device that will assist in monitoring and securing of electricity infrastructure in the country.
Responding, Umar commended them for their interest to invest in Nigeria and help develop the power sector which is very critical to the economic development of the country.
She assured of the Commission’s readiness to provide them with all necessary assistance and support for the smooth take-off of the project in Abuja and Kano, stressing that NIPC as an agency of the federal government has the mandate to encourage, promote, coordinate and monitor all investments in the Nigerian economy.