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FG opens up TCN to private investors

By on September 3, 2014

The Federal Government on Monday said it had opened up the transmission arm of the power sector to private investors.

The power transmission arm is being run by the Transmission Company of Nigeria, which is being managed by Manitoba Hydro International, a Canadian firm with expertise in the management of power assets.

The Minister of State for Power, Mr. Mohammed Wakil, said the transmission arm was opened to investors under a public-private partnership model.

Wakil, who disclosed this to top power sector stakeholders and investors in China, stated that investments in the Nigerian power sector were guaranteed of attracting adequate returns.

The minister, according to a statement by his Special Assistant on Media, Mr. Olawale Rasheed, was quoted as saying, “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 investors in the transmission sector under a public-private partnership. This has worked so well in other sectors of our economy.”

Wakil, who also visited the Huawei Company headquarters in Shenghen, said the potential for profitable investment in Nigeria was very high and described the opportunities in the transmission and renewable energy sectors as “very attractive and sustainable.”

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

At the headquarters of TBEA, the world largest manufacturers of transformers and sub-stations, Wakil urged Chinese companies to retain high standards in job delivery.

He said, “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 project to deliver a project as standard as the Gorges Dam. We want high quality job to be done in this very important hydro project.

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

Representing the management of TBEA, Mr. Jun Ye, told the minister and his team that the company was ready to collaborate with Nigeria for the successful conclusion of the power sector reform.

He described the reform as progressing successfully and gave an assurance that the firm was eager to be part of the country’s success story.