The Federal Government in Abuja on Monday canvassed for foreign investors in the transmission of electricity to address the infrastructure deficit in the supply chain.
The electricity supply chain is made up of the Generating Companies, GENCOs, Transmission Company of Nigeria, TCN, and Distribution Companies, DISCOs.
The GENCOS and DISCOS have been privatised, leaving only the TCN in government’s control.
The Minister of Power, Chinedu Nebo, represented by the Minister of State for Power, Mohammed Wakil, made the call at the inaugural TCN investors’ conference.
He described the transmission sub-sector as critical to the supply chain, and stressed the need for investors to key into the sector to realise its transformation agenda for the sector.
“We are trying to open up the sector, we want foreign investors to come and invest in the transmission sector.
“So, this conference is meant to bring all the stakeholders together to forge a way forward for the proper funding of the transmission sector,” he said.
Mr. Nebo said government was already exploring various means of funding, including bonds, and sovereign wealth fund.
He assured that the Federal Government was working hard to create the enabling environment for investors to thrive and improve the power situation in the country.
He, however, said the issue of inadequate gas supply and vandalism of gas pipelines still remain a major challenge to realising steady power supply to Nigerians.
Earlier, the TCN Board Chairman, Ibrahim Waziri, in his remarks, stressed the need for more funding for the TCN to expand and upgrade its facilities in line with international best practice.
Mr. Waziri said the TCN needs about $8 billion in the next five years to prosecute its capacity expansion programme and become a regional hub for electricity trade.
He assured investors that the Federal Government had put in place a power sector reform programme.
The chairman said the reform would ensure transparency in the regulation of power utilities, including the setting, adjustment of tariffs, protecting interest of consumers and investors.
“The reform programmes aim at encouraging private sector investment in the power sector through establishment of independent power production schemes and facilitating direct electricity sales by independent power producers through open and non-discriminatory access to Nigeria’s transmission system,” he said.
The conference was attended by officials from the TCN, Ministry of Power and Finance, foreign investors, development partners and the World Bank.
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Who invest their hard earned cash in a policy(that favoured politicians only) imbalanced country?
ReplyDeleteReview the electricity act, empower state to generate and distribute, you will see the "miracle" because there is gonna be a competition and development.
We nigerians are the problm of this electricity issue bcs if this problm of this electricity is fixed some people no they wl not benefit again thats why is like this......i no some of the staff they layoff wl not be happy with the development so they wl be looking for a setback naija we are the problm of ourselves
ReplyDeleteUna dey sleep, what kind of country is this.Rep. are acussing Diezane of 10 billion naira while Nigerians are suffering because of 8 billion naira. naija una well don.
ReplyDeleteConfused Country with Animals directing the affairs...
ReplyDeleteNo solution any soon
They are real animals that put themselves in power, they build 100s of million naira what of houses, yet they buy generators to maintain it, they buy 10s million naira what of cars yet the roads are bad, they steal public funds when they can invest in nigeria with opprtunities set before them without men of underworld running after them as most people will be busy due to employment opportunities in the country and everyone will be happy, instead of all this, they prefer to create problems, steal funds and invest in other coumntries. What is best for them if they don't stop is to visit all of them with JJ Rollins style because they have destroyed the present and future generations hope.
ReplyDelete