“Huge amount is required to invest in the power sector and the financial institutions are needed to finance some of these projects. The private sector in the power sector is committed to deliver constant power in the country and that is why they are committing resources despite the inherent risk especially at this period that the country would be going for election”, Chief Executive, Stanbic IBTC Bank Plc, Yinka Sanni has said.
Specifically, the private sector requires $6 billion (N960 billion) to invest in the power sector to address electricity problem in the country.
Speaking on the forth coming 5th Annual Standard Bank West Africa Investor’s Conference, Sanni said “As an institution we are committed to develop the country and assist the private sector raise fund to address the power problem in Nigeria. “We have N3 trillion in the Pension Fund and that shows that funds would be available for long term investment. Investors in the power sector had shown that they are here for long term investment. Stanbic IBTC is a full fledge financial services provider and we are doing things that are enabling people provide infrastructure that would further boost businesses and empower the people.
Also speaking, Chief Executive Officer, Stanbic IBTC Holding Plc, Sola David-Borha, said “ Stanbic IBTC Investors’ conference will continue to be the conference of choice for investors seeking to establish and/or strengthen their ties with/in Nigeria. It will provide opportunity for investors and institutions to interact and take advantage of business opportunities in Nigeria.
“We at Stanbic IBTC believe that Nigeria has achieved several important milestones in its economic transformation agenda. It is however interesting to observe that many analysts (domestic and international) appear to be oblivious of some of these developments. At Stanbic IBTC, we believe very firmly that the Nigerian economy is on the cusp of a tipping point. Of course we all know that a tipping point only becomes unmistakably clear after the fact when one has joined the ranks of those who are left to ponder how they could possibly have missed out”, she emphasised.
“It is important to check point, to see how the (electricity) generation companies have been coping. We are trying to see how financial institutions can work together to facilitate investment in the power sector.