Country Needs U.S.$100 Billion Investment in Power Sector

Daily Trust

29 August 2011

Country Needs U.S.$100 Billion Investment in Power Sector

Lagos — Nigeria needs $100 billion investment in the power sector in order to achieve 40,000mw in the year 2020, the Power Minister Professor Barth Nnaji has said.

He said the Federal Government doesn't have such huge capital outlay as it is only available in the international money markets.

He disclosed this in a paper, "Nigeria: A Miracle Waiting To Happen", he presented at the conference of National Association of Energy Correspondents of Nigeria (NAEC) in Lagos at the weekend.

"This huge capital outlay is not available to the Federal Government which has other competing needs. Nor can this amount be obtained within the country for the sole purpose of developing the power sector. This kind of money is available in the international money markets. Nigeria's power sector can attract it," he said.