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FG mulls PPP financing model for transmission network

By BusinessNews Staff on September 3, 2014

The Minister of State for Power, Mohammed Wakil, has said that the federal government is considering adopting a Public Private Partnership (PPP) funding model in its expansion of the country’s electricity transmission network.

He stated that with such PPP arrangement, the government was opened to accept investors who would commit funds to its planned expansion of the transmission network.

A statement from the Ministry of Power yesterday in Abuja, noted that the minister told investors in China about this development.

He said with several opportunities in the power sector, investors who invest in Nigeria are guaranteed adequate returns and safety on their investments.

“I urge you all to participate in the planned transmission project expansion in Nigeria. The government of Nigeria is working out the participation of private sector in the transmission sector under a PPP,” Wakil said.

He further noted: “This has worked so well in other sectors of our economy.”

The statement also explained that Wakil who was at Huawei Company Headquarters in Shenghen, said the potential for profitable investment in Nigeria’s power sector remains very high.

He described the opportunities in the transmission and renewable energy sector as very attractive and sustainable.

“In the renewable sector, we are opened to both independent power producers and participants in the private public partnership.
Whichever area you prefer, you cannot regret investing your money in our dear country,” Wakil said.

He also asked famous Chinese manufacturers of transformers and sub-stations, TBEA to retain high standard in their job delivery in Nigeria, in comparison to what they do in their home country.

“As much as we welcome foreign investors in our economy, we are also conscious of the need for investors and contractors to maintain high level of efficiency and standard comparable to great projects I saw all over China.

Specifically, after seeing the great wonders of the seven Gorges Dams, I call on the Chinese firm handling the Mambilla hydro projects to deliver a project as standard as the Gorges dam. We want high quality job to be done in this very important hydro project,” he stated.

Wakil said: “Mambilla is key to us because it is a project too long on the drawing board. Our President is breaking the jinx on both Mambilla and Zungeru, hence the need for the job to be well done. For the North-east, Mambilla holds great promise for enhanced power supply and job creation.”

[This Day]

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