Nigeria, W/African countries to invest $250b on power
November 19, 2014
By Anayo Korie* Nigeria and 15 other countries in the West African sub region are set to invest over $250 billion to boost the development of West Power Pool urgently needed to ginger the electricity power supply that would enhance economic growth and development of the region. The Minister of Power, Prof Chinedu Nebo who spoke at the opening ceremony of West Africa Power Industry Convention ( WAPIC) said the investment which will increase the pace of development is expected to be driven by the private sector. Some of the benefitting countries include; Nigeria, Ghana, Benin, Togo, Ivory Coast, Senegal Gambia, Bukinafaso, Liberia, Sierra- Leone etc. He said, the investment would go a long way to liberate West Africa from the stronghold of darkness into the realm of light that advance investment in the respective countries. Also ,the Chairman of Heirs Holdings Limited, Mr Tony Elumelu at the event called on the Federal Government to private the Transmission Company of Nigeria (TCN) as part of the measures to boost the distribution of electricity supply to Nigerians now that the power sector is under private management. According to him, the initiative apart from saving energy lost during transmission of power through obsolete transmission line, would save and yield revenue to all the stakeholders. He lamented the scanty energy generated in the country which is not enough to meet the power demand of Nigeria which is over 170,000 mw. He is optimistic that the private sector will provide the fund and the manpower to strengthen and stabilize the network. However the Minister of Power Prof Nebo told newsmen after the opening ceremony, that he was opposed to the hasty privatization of TCN to private sector. According government is considering concession or outright privatization of Transmission Company of Nigeria in a period of one or two years time. *Source dailyindependent
