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Nigeria To Benefit From $7.5bn US Power Africa Initiative

Posted by admin | 05.05.14

sThe power sector is set to benefit from the $7.5 billion Power Africa Initiative launched by the United States of America (USA) President, Barak Obama, in South Africa last year.

This is the fallout of a recent trip to the USA by the minister of state for power, Mohammed Wakil.

Speaking at a Power Africa B2B Summit organised by the US Commerce Department in Miami under the auspices of the Power Africa Initiative, Wakil listed many investment opportunities available in Nigeria’s conventional and renewable power sector with a view to mobilise investment.

According to a statement released yesterday by the minister’s media aide, Olawale Rasheed, companies which were impressed by Wakils’ presentation and subsequently showed interest to invest in Nigeria’s energy market include Chadbourne & Parks, Global Energy group, Greenberg Traurig, M. Gill & Associates and business partners of MBD Business Centre.

“Reports from the event indicated that investors were impressed with opportunities in solar, wind and other areas of the Nigerian energy market. Some of them had raised questions about renewable energy policy for electricity generation, incentives for investment and feed in tariffs among others,” the statement read in part.

“In the next few weeks, some of them will be in Nigeria for exploratory investment visits. Some are interested in establishing solar plants while others are interested in wind farms,” it added.

He further stated that follow up business discussions were held in New York where many firms not able to attend the Miami event engaged the minister on such issues as security of investment, waivers and tax issues as well as policy framework.

Wakil maintained that the would-be investors were impressed with existing incentives such as risk guarantee, waiver regime for renewable energy equipment, favourable policy framework, among others, designed by the federal government to attract investors.

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