ABUJA— Federal Government said,yesterday, that the country now generates 4,242.7Mw of electricity which is the highest quantum of power ever generated in its history.

This is just as the Federal Government has signed a Memorandum of Understanding with a consortium of Swiss and European investors for the investment of N240bn ($1.6bn) in the power, petroleum and housing sectors of the Nigerian economy.

Minister of Trade and Investment, Mr. Olusegun Aganga, confirmed the development during the signing of the first phase of the MoU with representatives of the consortium in Abuja.

The group, comprising Seagas Services Limited and Oceanmar Services Limited, was led by the First Deputy Prime Minister and Head of International Affairs and Investments, Republic of Kosovo, Mr. Behgjet Pacolli.

Aganga said his ministry would work with Ministries of Power and Petroleum to facilitate the investments, adding that the Federal Government was committed to supporting genuine investors to invest in critical sectors of the economy.

Pacolli, who spoke on behalf of the consortium during the signing ceremony, noted that the decision to investment in Nigeria was based on the huge and largely untapped investment potential in the economy.

He added that the consortium would work assiduously towards the completion of its proposed investment projects in Nigeria, noting that plans were ongoing to increase its investment portfolio in the country within the next six years.

About 3,982.7 megawatts which is now produced in the country go into the national grid, with 260Mw maintained as spinning reserve, which is used for system stability.

Minister of Power, Prof. Bart Nnaji, who said this during the workshop with the theme, “Towards Power Stability in Nigeria”, noted that the administration has achieved measurable improvement in all facets of the power industry and is committed to getting better.

He said: “There are credible reports of a noticeable improvement in power supply in many parts of the country. We are expecting an additional 10Mw from the Delta Power Station in Ughelli, Delta State, this month.”







, plus 120Mw later in the year thus bringing the quantum of power from this plant to 470Mw.



“From its sister power station in Sapele, we are expecting an additional 100Mw this year raising supply from this station to 252Mw.”

Nnaji added that the administration has a programme to recover as soon as possible lost capacities at Egbin, Kainji and other hydro and thermal stations across the country.

He pointed out that, “The 760Mw Kainji hydro station, built in 1968, has never been overhauled. But some of its units which are out of use are now undergoing rehabilitation.”

Coupled with the scheduled commissioning of some plants being built under the National Integrated Power Project,NIPP, we are optimistic of achieving the target of 5,000Mw this year and hit 6,000MW in 2012.”

He added that, “Nigeria used to experience an average of four system collapses every month, that is, almost 50 system collapses annually. Much as we have reduced the failures in the last one year, our goal is to reduce them to zero.”

The Minister stated that government was not pre-occupied with just power generation, but also committed to the development of the entire value-chain in the power sector, adding that government was carrying out repairs in the transmission and distribution networks, and in some cases upgrading and modernizing them.

He further disclosed that President Jonathan has approved the implementation of the Super Grid transmission infrastructure, which has the capacity to wheel the nation’s power when the 765KV Super Grid is installed.

“This will make Nigeria have a cutting edge technology which even many advanced countries have not yet acquired. As a government, we are determined to be proactive. Yet, we have resisted the temptation to roll out the drums because Nigeria is still far from where the Jonathan administration would like it to be, in terms of electricity,” Nnaji added.

Nnaji, meanwhile, has justified the recent redeployment of some Chief Executive Officers of PHCN Distribution Companies, noting that power supply had improved in the regions merely 72 hours after the action to redeploy the CEO of Olorunsogo Power Plant 1 to the PHCN headquarters.

According to the Minister, “The power sector reform represents a paradigm shift. It has set Nigeria in a fresh and welcome direction. We have no other country. Therefore, it is incumbent on us to build a prosperous nation, a nation which our children will be proud to call theirs. The journey for a better country has begun in earnest.”

Meanwhile the Federal Government has signed a Memorandum of Understanding with a consortium of Swiss and European investors for the investment of N240bn ($1.6bn) in the power, petroleum and housing sectors of the Nigerian economy.

He said, “We have held discussions with the representatives of Seagas Services Limited and Oceanmar Services Limited, about the investment opportunities in Nigeria. We have agreed on investments in a few areas such as housing, building a factory for gas infrastructure for the manufacturing of gas pipelines. We also discussed the possibility of investing in the area of power, building of refineries and housing construction.

“After a number of discussions, we are signing a Memorandum of Understanding for the estimated sum of $1.6bn to be invested in some of these areas. Specifically, the money will be invested in refinery, power and housing. It is the desire of the Federal Government, through the Ministry of Trade and Investment, to attract Foreign Direct Investments into Nigeria, create jobs, generate wealth and enhance the economic growth of the country.”

He added, “This is just the first phase of the signing of the MOU. On our part as the Ministry of Trade and Investment, we will work closely with the Minister of Power and Petroleum to facilitate these investments.

“We want to thank the leader of the consortium, Mr Behgjet Pacolli, for the trust and confidence he has reposed in the Nigerian economy and promise to collaborate with him to ensure the successful execution of these projects. We are also committed towards ensuring that these investments generate wealth and create jobs for Nigerians.”

He said, “We were encouraged to invest in Nigeria because of the huge market and vast investment opportunities that currently exist in the country. Also, we are impressed by the opportunities that exist for foreign investors in the country. We strongly believe that the investments we are bringing into the country will be of immense benefit to the people of Nigeria and also to our investors.

“We are committed towards ensuring the successful completion of these projects within the next six years with the prospects of expanding our investment portfolio in the country.”
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