Fashola Attracts Major Foreign Investors, Set To End Power Failure For Good

By Joshua Amaugo July 26, 2016 10:33

Fashola Attracts Major Foreign Investors, Set To End Power Failure For Good

There are strong indications that President Muhammadu Buhari, is working round the clock to fix the power sector, as Nigerians will soon be experiencing uninterrupted power supply.

It could be recalled, that the Minister of Power, Works and Housing, Babatunde Fashola, had on Monday, July 18, said he was determined to fast track the attainment of incremental power, through increase in quantum electricity supply mechanism.

Related: ‎Nigerians Jubilate As Fashola Makes Very Fantastic Move, Regains Buhari’s Trust As Best Minister

On Saturday, July 23, Fashola, inaugurated a ‎Power Steering Committee, charged with the responsibility of building and ‎energizing small hydros, scattered across various rural communities.

Related: ‎Fashola Speeds Up Plans to Give Nigerians Stable Power Supply, Makes Very Major Move

In a press release made available to Post-Nigeria, the Minister of ‎State for Power, Mustapha Baba Shehuri, reiterated the government’s efforts in rejuvenating the power sector, as Fashola is presently rolling out ‎various innovations and initiatives, which have actually made Nigeria an investment friendly nation in Africa for electricity.

Shehuri, made this known in Abuja on Monday, July 25, when the Iranian business delegation, led by the Vice-President of Dam and Water Works Construction Company, SABIR, Mohammad Ghaedi, paid a working visit to the Ministry.

He said, “With a population of over 160 million, and with the highest peak power generation of over 5000 MW, Nigeria has the highest electricity demand in Africa.

“The present government is trying to meet the nation’s energy supply and access, through investment in energy mix, such as gas, small and mini hydros, wind, solar and bio-mass energy sources”, Shehuri said.

Speaking further, he urged the Iranians and other foreign investors, to tap into the numerous opportunities available to improve electricity generation and supply in the country.

Shehuri, informed the delegates that government had already signed a Power Purchase Agreement, PPAS, with 14 different companies, to produce 1,125MW solar power in 9 States and Abuja, using God’s given sun light as source of energy.

The feat according to him, is a demonstration of the present government’s commitment in the development of a robust energy mix, while also achieving its programme of Incremental Power Supply.

On the National Council on Power, NACOP, meeting held recently in Kaduna, Shehuri, disclosed that Fashola had launched a document titled, “Nigeria Power Sector Investment Opportunities and Guildlines”, on investment opportunities in the Nigerian Electricity Industry.

While presenting the document to the Iranians, he urged them to go through it carefully, because it would avail them with information on various investment opportunities available in the Nigerian fledgling power sector.

He told the investors that the enabling environment necessary to strive has already been created, stressing government’s continuous effort in providing security for their investments.

Meanwhile, the leader of the delegation, Mohammad Ghaedi, who spoke earlier, disclosed the Iranian’s readiness to invest in the Nigerian power sector, as Iranian businessmen are already establishing partnerships and exploring the abundant opportunities in Nigeria’s power sector.

He noted, that a company named, Mapna Group of Iran, has already shown interest in Nigeria, both technical and financially, as it is near commissioning 44,000 MW capacity thermal plant in Iran.

The visit according to him will avail Mapna Company, the chance to offer Nigeria competitive financing in engineering, construction and development of power plant, such as renewable energy power plants and combined water power plants.

Aside those, he said the company is also into manufacturing of gas, steam and wind turbines and maintenance services, which it is ready to make available to Nigeria, at competitive rates.