Thursday, February 16, 2012

U.S. investors target 10,000 megawatts in Nigeria

14 February 2012

A TRADE delegation from the United States (U.S.) was in Nigeria yesterday to explore investment potential in the nation’s power sector.

At an intensive meeting with the Minister of Power in Abuja, the General Electric of U.S. declared its plan to take stake in the power sector. Essentially, the company declared that it would, in partnership with the private sector investors and the Nigerian government, generate about 10,000 megawatts in the country.

Members of the delegation include the U.S. Export-Import Bank, which assured of funding for projects concluded and sealed for execution. Many of the companies on the delegation expressed strong desire to participate in off grid power generation while some expressed interest in taking advantage of the privatisation process to take over a number of the generation companies in Nigeria.

The delegation, led by the U.S. Assistant Secretary of State (African Bureau), Ambassador Bill Fitzergerald is on energy trade mission to Mozambique, Tanzania, Nigeria and Ghana to look at potential investment projects with the aim of enhancing the countries’ ability to generate electric power.

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