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FG Says Opportunities Abound In The Power Sector

Source: pointblanknews.com

The Federal Government has enjoined financial institutions to consider

huge investments in the power sector as abundant opportunities exist

within the sector.
Speaking while receiving Mr. Jim Cowles, Chief Executive Officer, Europe,

Middle East and Africa of Citi Bank Group in his office, the Vice

President Arc 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 Eurobond. He

noted that the recent financial institutions' conference which held

recently in Abuja, highlighted the various opportunities that existed in

the power sector as well as other infrastructural sectors of the economy.

Vice President Sambo called on Citi Bank Group to create the possibility

of investing in power generation and distribution sectors. He also stated

that government plans to develop the sugar industry as well as food

inputs as a lot of resources is being expended on them annually.

Arc Sambo expressed appreciation for the visit and called on more

investment into the Agric sector, just like the major rice investment in

Taraba State. He enumerated the efforts being expended on the Zungeru

Hydro power plant and the Mambilla Hydro power to ensure that power is

achieved and businesses thrive, especially Small and Medium Scale

Enterprises.
Earlier the CEO of Citi Bank Group, Mr. Jim Cowles said that bank had

designated five countries as investment countries and Nigeria was one of

them. He appreciated the efforts of the Ministry of Finance and the DMO in

their efforts to ensuring the over subscription of the Eurobond.

He also said that the bank has confidence and is committed to Nigeria. He

said the bank had operated in Nigeria for over 30 years under the name

NIB.
Present at the meeting were Mr. Ade Ayeyemi, CEO, Sub Saharan Africa of

the Bank, Funmi Ogunlesi, Public Sector group, Africa Treasury and Trade

Solutions and Baba Kulloma, Vice President Senior Public Sector

Banker-Nigeria.