IPP: WORLD BANK TO PROVIDE GUARANTEE FOR PRIVATE INVESTORS â€“ AGANGA
The Federal Government has said that it has begun negotiations with the World Bank for the provision of Partial Risk Guarantee for private sector investors, who will invest in Independent Power Projects.
The Minister of Finance, Mr. Olusegun Aganga, disclosed this during a stakeholders' forum and presentation of the annual report by the Infrastructure Concession Regulatory Commission in Abuja, on Tuesday.
He noted that the move was part of Federal Government's efforts to boost investors' confidence in the country's IPPs.
The minister stressed that, given the huge capital needed to meet the nation's infrastructural needs, the Federal Government was determined to provide the enabling environment for private investors to take advantage of available opportunities and invest in the various sectors of the Nigerian economy.
Aganga said that, currently, the country needed about $111bn to meet its infrastructural deficit, adding that the Federal Government was ready to partner genuine investors on providing critical infrastructure for economic growth and development.
'The question of infrastructure is central to Nigeria's development goals. The shortage of critical infrastructure and adequate power supply has continued to be a constraint to our economic growth,' he said.