Monday, Sep 28th 2020 11:55 AM
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Market Digest Nigeria

Economy

Foreign consortium plans to invest $5bn in power sector

A group of western investors has unveiled a blueprint to invest over $5 billion in the Nigerian power industry, the Nigerian government has said.

Ron Verraneault

Information gathered from the Office of the Power Minister in Abuja on Sunday showed the investors would commit the fund primarily to the renewable energy subsector of the industry.

The consortium plans to deliver 1,000 megawatts of hybrid solar power within a two-year period.

Aaron Artimas, the Special Assistant to the Minister of Power on Media and Communications, who confirmed the development on Sunday, said the investors’ presentations were made to the Power Minister, Sale Mamman.

“They made the presentation to the minister of power and it is something that is still fresh. The process is still ongoing and you’ll get updates as we proceed,” he said.

Artimas noted that it was stated on the Twitter handle of the Office of the Minister of Power (OMP), @PowerMinNigeria, that the consortium would equally collaborate with the Nigerian government regarding electricity grid development across Nigeria.

“A consortium of Western investors interested in investing upwards of $5bn in the Nigerian power sector, with a major focus on the renewable energy sector, pitched their proposal to the Minister of Power @EngrSMamman at the Power House,” the OMP said in a series of tweets.

It said the presentation was led by the main partner of the consortium, Ron Verraneault, while other partners linked in via Zoom

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