Power sector investments hit $50bn – Aganga

The Minister of Industry, Trade and Investment, Olusegun Aganga, on Tuesday, said that the privatisation of Nigeria's power sector has unlocked the investment opportunities in the sector, with pipeline investments estimated at $50bn currently.

Aganga said for the first time in Nigeria's 53-year history, the country successfully privatised the electric power industry 'and is bringing in capital, technology and operational excellence into the sector.'

He spoke at the 5th Standard Bank West Africa Investors' Forum in Lagos yesterday.

The minister said, 'This event themed 'Nigeria: Time to Deliver,' is a call to action, a statement of great expectations, an acknowledgement of the great potential across the length and breadth of our country.

For many years, power has been the bane of businesses in Nigeria, and was left unaddressed.

'This administration has, however, tackled power supply head-on. For the first time in Nigeria's 53-year history, the country successfully privatised the electric power industry, and is bringing in capital, technology and operational excellence into the sector.

'As a result, 11 distribution companies and four generation companies have been privatised for over $3bn; other generating plants in the National Integrated Power Projects Programme will also be privatised soon. These electricity assets were physically handed over to private owners on November 1, 2013.

'But privatisation is just the beginning in Nigeria's power sector, as we now have a pipeline of approximately $50bn of investments lined up to go into the Nigerian power industry in the next few years.'

Aganga noted that, given the abundant investment opportunities in Nigeria, the country would remain one of the leading high growth and high returns countries globally.

He said in order to achieve sustainable inclusive economic growth and diversification, the Federal Government had already embarked on far-reaching sector-specific reforms to address the challenges inhibiting competitiveness of local businesses across all sectors of the Nigerian economy.

He said, 'The administration of President Goodluck Jonathan is taking Nigeria in a new direction that will unlock the economy driven by sectoral policies in order to facilitate inclusive economic growth and diversification through competitiveness.