Western Firms Planning $5bn Investment In Power Sector

A consortium of Western investors has presented their plan to invest over $5bn in Nigeria’s power sector, the Federal Government has said.

According to information obtained from the Office of the Minister of Power in Abuja on Sunday, the investors would focus majorly on the renewable energy subsector of the industry.

It was further gathered that the consortium targets to also deliver 1,000 megawatts capacity of hybrid solar power within two years.

The Special Assistant to the Minister of Power on Media and Communications, Aaron Artimas, who confirmed this to our correspondent in Abuja on Sunday, stated that the presentations by the investors were made to the Minister of Power, Sale Mamman.

“They made the presentation to the minister of power and it is something that is still fresh. The process is still ongoing and you’ll get updates as we proceed,” he stated.

The minister’s aide referred our correspondent to the Twitter handle of the Office of the Minister of Power, where it was captured that the consortium would also partner government in electricity grid development across the country.

In series of tweets on its verified Twitter handle, the OMP said, “A consortium of Western investors interested in investing upwards of $5bn in the Nigerian power sector, with a major focus on the renewable energy sector, pitched their proposal to the Minister of Power @EngrSMamman at the Power House.”

It stated that the main partner of the consortium, Ron Verraneault, led the presentation, while his other partners linked in via Zoom.