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FG seeks more Nigerian investment in power

By BusinessNews Staff on July 13, 2014

The federal government yesterday called on more Nigerians to invest in the power industry to address the protracted electricity problems in the country.

Speaking during the ground breaking ceremony of 90mega watts power plant in Magboro, Ogun State, owned by Bresson AS Nigeria Limited, Minister of Power, Prof Chinedu Nebo, said more Nigerians, especially those involved in the oil and gas sector should build more power plants to increase supply to the national grid.

He said investments in the sector should not be left in the hands of few Nigerians, stressing that the snags in the sector required that more people go into the electricity generation and distribution.

He explained that Ogun state boasts of many plants, adding that the state know that power was critical to the development of the economy.

He said President Goodluck Jonathan has promised to commission the plant by December 2014 as part of efforts to improve electricity production in the country.

According to him, ‘’ Bresson AS Nigeria, the company behind the 90 megawatts power plant has promised to increase the megawatts to between 250Mw to 300Mw in the next few years. This shows the commitment of the company and the Ogun state government to make the area more industrialised. ‘’

He said President Jonathan was committed to changing the living standard of all Nigerians hence his commitment to the power sector.

“To lift the country to the next level we must eradicate poverty by creating the enabling environment for businesses to thrive. It is very critical to pursue the generation, transmission and distribution of electricity as the very fulcrum of national development. The president believes that to give Nigerians not only adequate but also qualitative power supply is very cardinal to his mandate. “He believes that this is his contract with Nigerians, a covenant that he was determined to enforce. The president knows that he must take Nigeria to another level. Past administrations left the power sector to rotten, very little was done in terms of infrastructural development as regards power generation and distribution. Very little was also done in our communities. Luckily, the country started the National Integrated Power Project (NIPP) that was what has given us a lifeline in times like this.”

In his speech, Ogun State governor, Senator Ibikunle said greater investments in the power sector would help in galvanising the economy.

Represented by his Special Adviser on energy, Mr Taiwo Fagbemi, he said poverty would reduce, once Nigeria can get the energy sector right.
He said there were 12 licensed operators in the state who have demonstrated the need to improve electricity supply to the national grid.

According to him, the government’s investment in infrastructure was evident by massive road repairs and construction in the recent times.

Chairman of Bresson A.S Limited, Gbenga Olawepo, said the project was conceived 10 years ago when there was no power reform plan.
Since then, we have invested over $10 million without any return. We are not going to wait for ten years before we switch on the lights in this project, by the grace of God in 12 months we will be commissioning the first phase. “

[This Day]

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