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Nigeria, W/African countries to invest $250b on power

November 19, 2014

By Anayo Korie* biz11Nigeria  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

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