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Power sector needs fresh $50bn investment – Aganga

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olusegun-aganga

A further $50 billion investment is expected to go into the Nigeria’s power sector in the next few years following successful completion of privatisation of the sector, says Dr. Olusegun Aganga, Minister of Industry, Trade and Investment.

Speaking at the 2014 Standard Bank West Africa Investors’ Conference in Lagos, Aganga said that for the first time in Nigeria’s 53 year history, the country successfully privatised the power industry and is bringing in capital, technology and operational excellence into the sector.

He noted that the theme of the conference, “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, even as he said that power has been the bane of businesses in Nigeria, and was left unaddressed for many years.

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

He added, “As a result, 11 distribution companies and four generation companies have been privatised, for over US$3 billion; 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 $50 billion 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 has already embarked on far-reaching  sector-specific  reforms to address the challenges inhibiting competitiveness of local businesses across all sectors of the Nigerian economy.

Speaking earlier while delivering his welcome remarks, Mr. Atedo Peterside, Chairman, Stanbic IBTC Bank, said with the theme of the conference, Stanbic IBTC has demonstrated its believe that various efforts to reform both the public and private sectors in recent years have ushered Nigeria to a point where execution has become critical for economic transformation the country desires.

He stated that conclusion of the GDP rebasing exercise would likely increase the possibility of Nigeria becoming the largest economy on the continent in the short to medium term.

He further stated that despite the frustrating pace of some of the reform programmes, sufficient enabling environment has been created over time for private sector investment to thrive, citing revolution in the telecommunication sector as an example.

“Nigeria, which we know has terrestrial infrastructure deficit, also became self- sufficient in cement production in 2013, thanks to measures that were undertaken to encourage domestic production.

“All these have occurred against the backdrop of various policy measures that have sought to position Nigeria for diversification of its economy and unlocking of Nigeria’s vast economic potential,” he affirmed.

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2 Comments

2 Comments

  1. Paradiseng

    February 6, 2014 at 7:35 pm

    What happened to the N50bn initially invested during Obasanjo’s regime?

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Femi Otedola Reacts To Lekki Tollgate Shooting

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Femi Otedola Finally Reacts To Lekki Tollgate Shooting
Femi Otedola

Femi Otedola

Nigerian businessman, Femi Otedola has finally reacted to the shooting that took place at Lekki Tollgate, Lagos on Tuesday.

Information Nigeria recalls men dressed in military wears opened fire on unarmed #EndSARS protesters, who convened at the area.

Otedola took to his Instagram page on Sunday to commiserate with the families of those who lost their lives in the unfortunate incident.

Sharing a photo of the Nigerian flag, he wrote;

“The horrors that have been unfolding in our country have left me filled with sadness. I deeply commiserate with those who have lost their loved ones and as a father, I share the sentiment of my three daughters who protested in Lagos and London. As a young boy of 16, I participated in the ‘Ali Must Go Protest’ of 1978, so I understand the determination of our youths who rightly want our country to be better. We must all do our part to make Nigeria great! I will continue to do my own quota in providing for those who are most in need of support in our country in these tough times .…F.Ote💲”

Read Also: Femi Otedola Spotted Dancing With His Children (Video)

See his post below:

Otedola’s post

Otedola’s post

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“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” – Brother Claims

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“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” - Brother Claims
Oke

Oke

Information Nigeria recalls a graphics designer identified as Oke, was killed hours after tweeting “Nigeria will not kill me” on Wednesday.

It was reported that the young man had passed away after he was hit by a stray bullet.

The deceased’s younger brother, Daniel has come out to clear the air regarding the circumstances leading to his death.

Daniel revealed his brother was stabbed on the neck by thugs who infiltrated and ransacked their home.

In his words;

Good day, My name is Obi-Enadhuze Daniel younger brother of the now deceased Okechukwu Obi-Enadhuze @O_Okee . I, my brother and mother lived at makinde police barracks, mafoluku, Oshodi, Lagos State.

Today at about 11 o’clock in the morning the police station at makinde was attacked by thugs who wanted to destroy the station, I my mom and brother were holed up in our house.

 The attack went on for hours before the thugs eventually breached the police and proceeded to set the station on fire, after accomplishing this they set their sights to the barracks and began the assault, they proceeded to destroy every car in the barracks, my mom’s 2 cars where destroyed and set on fire and then they infiltrated our house by breaking the door they then proceeded to ransack the house and carted away with everything we own. 

 my brother on trying to get them to take everything but spare us was pushed to my mom’s room and stabbed on the neck, the attacker then proceeded to attack me but missed my neck but got my chin instead, after this my mom and I carried my brothers body to the entrance of the station soliciting for help from the thugs still ravaging the barracks, we were finally able to put him in a wheelbarrow and took him to a hospital where he was rejected because “he was already dead” unfazed we moved him to another hospital where he met the same treatment this was where he bled his last drops of blood and died, his body has now been moved to a morgue

we have lost every single thing we own, as our house was completely ransacked and set on fire the only thing left is my brothers phone and at about 8 o’clock this evening the barracks was still on fire but Okechukwu has paid with the ultimate price

I and my mother are homeless with nothing now but we’re safe for now, we thank everyone that has been able to reach out to us, and were able to share consoling words with us in these trying times, God bless you

While we were holed up in the house the three of us said these words together and we say it again ” THREE OF US ARE HERE, THREE OF US ARE TOGETHER, THREE OF US ARE SAFE”

Let it be known that my brother @O_Okee  was NOT killed by a police bullet but died a hero protecting my mother and I.

If you see this please retweet, let the world know how Okechukwu died. He was NOT killed by a police bullet but thugs in his home!”

Read Also: RIP Oke: Barely 3hours After Tweeting “Nigeria Will Not End Me” #EndSARS Protester Dies From Gunshot

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Youths Burn Down Sanwo-Olu’s Mother’s House In Lagos (VIDEO)

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Youths Burn Down Gov Sanwo-Olu’s Mother’s House In Lagos (VIDEO)

Youths Burn Down Gov Sanwo-Olu’s Mother’s House In Lagos (VIDEO)Lagos youths have set the family house of Governor Babajide Sanwo-Olu on fire.

This was after the Governor said that no nobody was killed during the shooting by soldiers at Lekki Toll Gate on Tuesday night.

Sanwo-Olu had debunked claims that the soldiers opened fire and killed some peaceful protesters.

Recall that men of the Nigerian Army reportedly opened fire on protesters following the declaration of 24 hours curfew by the Lagos State Governor, Babajide Sanwolu.

Bullets fired by security operatives hit some persons and at least two persons have been confirmed killed by the police and many injured

Voices in viral footage blamed the shootings on soldiers.

However, the angry youth attacked several important places such as Nigeria Port Authority, TVC News, and the family house of the Governor where his mother resides.

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