Jonathan Convenes Power Financing Confab @ Aso Rock

President Goodluck Jonathan has convened an International Conference aimed at facilitating financing of power infrastructural development in Nigeria scheduled to hold on Monday, February 10, at the State House Banquet Hall  in Abuja.

The Conference is aimed at augmenting the efforts of the private sector which recently took over the electric power generation and distribution assets of former Power Holding Company of Nigeria (PHCN).

Participants are expected to be drawn from within Nigeria, her development partners, donor community, international financial institutions and international financiers.

Chigbo Anichebe, chairman of the conference media and publicity committee said it aims at amongst others, to facilitate interaction between the new investors and local and international financial institutions to explore the available opportunities in meeting the capital expenditure (CAPEX) needs of the Nigerian power sector;

To support the creation of a sound economic expansion framework that will enhance performance across the power sector value chain.

To provide the enabling environment for potential investors in the power sector to refine their entry strategy into the Nigerian power sector;

Identify areas of need that can affect the viability of the market; provide opportunity for clarifying government policies for the power sector; and to create a sector CAPEX plan that will serve as baseline for future monitoring and evaluation of the sector participants.

Ambassador Godknows Igali, chairman of the conference organizing committee and also Permanent Secretary at the Ministry of Power said, “the Transformation Agenda of President Jonathan’s administration anchors on Nigeria’s Vision 20:2020, which is focused on building institutions to drive robust roadmaps of reform in key sectors of the economy, with the Power Sector Reform being a pivot.”

He noted that: “Following the physical handover of the successor companies to the private sector investors on November 1, 2013, the burden of process optimization and capacity expansion has been shifted from the Federal Government to the new owners. Nonetheless, the Federal Government recognizes that power supply still remains a social responsibility as it is the paramount infrastructure needed for our nation building and economic development.

“Consequently, the President directed the Vice President, Arc. Mohammed Namadi Sambo, who also chairs the National Council on Privatization to convene an international conference to facilitate the funding of the Power Sector infrastructure development of the country to achieve required modernization, expansion and overall enhancement of electricity service delivery. Ultimately, the direct beneficiaries of these fund influx are the Transmission Company of Nigeria, the Discos, Gencos, NIPPs, the emerging IPPs and other Sector Service Providers.”

He called on prospective investors and financiers to participate in the conference which would afford them the opportunity to physically sight and comprehend the magnitude of emerging opportunities in the Nigerian Power Sector; adding that “it is reckoned that this will be a great impetus to trigger their interests in investing expeditiously.”