Fg Seeks Fresh $50bn Investment In Power Sector!

The Federal Government needs a fresh investment of $50bn (N7.5tn) in the power sector if the country is to be among the 20 biggest economies of the world by 2020, the Minister of Power, Prof. Barth Nnaji, has said.


The minister disclosed this on Monday in Abuja during a ceremony to commemorate the 50 years of capital market regulation in Nigeria by the Securities and Exchange Commission.


He said that the amount, which was expected to come from the private sector, would help to boost power distribution in the country.


Nnaji stated that it was critical for SEC to help the government raise the amount from the private sector.


He said that a Memorandum of Understanding would be signed on Tuesday between the Federal Government and some investors in the private sector.


This, he noted, would attract huge amounts in form of investments into the sector.


He said, “We are doing all that we can to restore stability in the area of power supply. Between now and 2020, the power sector needs an investment of about $50bn for the country to attain its Vision 2020 objective.


“The Federal Government alone cannot provide this amount because its a huge investment, this is expected to be provided by the private sector and this will enable the private sector take ownership of the sector.”


Nnaji disclosed that international investors like the United States’ Export-Import Bank and the International Finance Corporation had indicated interest in investing in the sector.


The minister said that Nigeria was suffering the highest losses in Gross Domestic Product as a result of epileptic power supply.


He added that if the country could address its power problem, about four per cent increase would be recorded in Gross Domestic Product.


Also, recently, Nnaji said power generation would be raised to 10,000 megawatts by 2013, to 13,000MW by 2014 and to 15,000MW by 2015.


This will amount to an increase of about 275 per cent in 2015 compared to the 4,000MW presently generated in the country.


He also said President Goodluck Jonathan had already approved the building of the Super Grid transmission infrastructure, which would make Nigeria one of the few countries in the world to have this state-of-the-art facility. The Super Grid had the capacity to transmit through 726KV lines, that is, more than a double of the present 320KV lines, Nnaji said.


He said government was already clearing a lot of faults in the transmission network across the nation, as well as upgrading and modernising many aspects, adding that, “This is why the transmission infrastructure now wheels over 4000MW comfortably.”


Earlier, the Director-General, SEC, Ms Arunma Oteh, had noted that the ongoing financial sector reforms had engendered a better capitalised and more stable financial sector.


He said the sector was now strong enough to provide robust financial intermediation and support Nigeria’s position as the preferred investment destination.

http://www.punchng.com/Articl.aspx?theartic=Art201110184381968

Yes, borrow from my country, Europe China, anywhere! Jonathan will give us a -$30 B foreign reserve by 2015 and yes, we like the fresh air!!

How about the Billions spent? What is the result? Did the FG report how it utilized those funds or they want to borrow more to share among themselves. Pathetic.

The Nigeria government has a history of mismanaging funds and not executing projects as first planned.

The 1million naira question is, are they using this as a pretext to borrow money from international sources to push Nigeria into huge debt?

Aganga is talking statistics all the way, Nnaji is talking about huge unjustifiable sums needed why he has nt explained the gains of the previous capital injections; the foreign affairs man is backing the terrorist suspect, Iweala and co are seriously canvassing remover of subsidy, EFCC is making false trial news on a daily basis without sentencing no embezzler;GEJ busy in facebook as usual.

What exactly is the policy thrust of this govt? Why cant they give us a tangible achievement to ponder on?

How does the word investment translate to "borrow?"

Beaf:

How does the word investment translate to "borrow?"

Just sell the phocking thing  -

blacksta:

Just sell the phocking thing -

That is investment, isn't it?

Beaf:

That is investment, isn't it?

" “The Federal Government alone cannot provide this amount because its a huge investment"

  The bolded says the Government is looking for partners.  That sector is so massive that past and present  governments have failed to manage the thing.   WHy they dont want to surrender 100 % control is beyond my understanding.   Do exactly like what was done to the telecommunication sector and i am positive that lack of electricity will become a second nature In Nigeria.

How does the word investment translate to "borrow?"

Investment? Where is it gonna come from? They are very much likely to go the borrowing route with huge interest rates.

As Blacksta pointed out. Why is it that they don't want to wholly privatize it? That is when we will be talking about investors coming to invest and make their investments worthwhile.

Are these people for real  From "total privatisation" , before the election, to this i.e more or less full engagement of the FG in the sector ?  Anyway smart folks know why the FG, despite saying so, has now done a total U-turn to remain in the contract-reliant cash cow the power sector is. Did I not tell the likes of Papabrowne and Paddy lo, before the election, that this is all GEJ is capable of serving up and not the radical changes some folks misguidedly believed a politician , timid and mediocre his entire career, can magically deliver?

Which Private sector investor is mad enough to invest their funds in a sector to be managed by the FG given that corruption, profligacy and lack of transparency is worse under this Government? Someone should remind us of what George Soros and others told Okonjo Iweala when she approached them to invest in Nigeria.

^
Weak minds said the same about the Nigerian bond GEJ floated last year. Weren't you one? Didn't you scream persimistic negativity like the World was gonna roll over and melt? Lol!
Now the Nigerian bond is the poster child for developing nations. Strange eh?

blacksta:

" “The Federal Government alone cannot provide this amount because its a huge investment"

The bolded says the Government is looking for partners.  That sector is so massive that past and present  governments have failed to manage the thing.   WHy they dont want to surrender 100 % control is beyond my understanding.   Do exactly like what was done to the telecommunication sector and i am positive that lack of electricity will become a second nature In Nigeria.

The first thing that is targetted in times of war, is the power supply. What sense will it make to 100% hand that over to foreigners? Nobody in their right senses would sell their own country in that way.

Lol! Imagine giving foreigners the power to switch off the lights across the country when and how they wish. Second slavery.

Beaf:

^
Weak minds said the same about the Nigerian bond GEJ floated last year. Weren't you one? Didn't you scream persimistic negativity like the World was gonna roll over and melt? Lol!
Now the Nigerian bond is the poster child for developing nations. Strange eh?

The first thing that is targetted in times of war, is the power supply. [b]What sense will it make to 100% hand that over to foreigners? [/b]Nobody in their right senses would sell their own country in that way.

Lol! Imagine giving foreigners the power to switch off the lights across the country when and how they wish. Second slavery.

Who says we must give it to foreigners??
Oh by the way, in times of war communication is the first thing that is targetted.

NNPC is the private bank of the president while light is the campaign manifesto and the best way award huge contracts,

Gbawe:

Are these people for real  From "total privatisation" , before the election, to this i.e more or less full engagement of the FG in the sector ?  Anyway smart folks know why the FG, despite saying so, has now done a total U-turn to remain in the contract-reliant cash cow the power sector is. Did I not tell the likes of Papabrowne and Paddy lo, before the election, that this is all GEJ is capable of serving up and not the radical changes some folks misguidedly believed a politician , timid and mediocre his entire career, can magically deliver?

Which Private sector investor is mad enough to invest their funds in a sector to be managed by the FG given that corruption, profligacy and lack of transparency is worse under this Government? Someone should remind us of what George Soros and others told Okonjo Iweala when she approached them to invest in Nigeria.

Gej and Nnaji already have an excuse for the bolded, they'll just blame PHCN workers and promise that if given a second term they will tackle them.

Beaf:

^
Weak minds said the same about the Nigerian bond GEJ floated last year. Weren't you one? Didn't you scream persimistic negativity like the World was gonna roll over and melt? Lol!
Now the Nigerian bond is the poster child for developing nations. Strange eh?

You are too far gone in sycophantic madness to be taken seriously by sane folks . You have made similar statement that illustrates how your slow and dull mind dwells on fantasy and schizophrenic delusions of grandeur. You can simply not be taken seriously - ever. I make a fool too much of you on Nairaland so I won't bring out some of your delirious past utterances that , like this one above, is sheer fantasy from the fried brains of an unstable azzlicker.

^
You sound foolish each time you repeat the same "sycophantic" nonsense escape route. Are you not the same person that defends the thief, Tinubu like your life depends on it?
Dude, address the issue and stop dodging down dark alleyways when you have been found wanting.

A-ZeD:

Who says we must give it to foreigners??

Only foreigners own that sort of money and only foreigners have shown viable interest. Thats pretty obvious and the reason the FG is shopping abroad.

Iweala will go to the world bank or IMF for the 50 billion. Then nobody will finish anything. Then we will owe the IMF 150 billion in 3 years time. Then we are in debt to our knees then they west gets cheap oil. This beter not happen or Nigeria is screwed forever. They need to cut the politicians pay and cut the uselsss ones who steal money. The oil money should be enough to pay for the projects.

There are diamond reserves in katsina. Maybe someone can exploit them and use that money for power. These people better not be puppets and they need to stand up.

If they really need power they should go to China and trade oil for power plants.

A-ZeD:

Who says we must give it to foreigners??
Oh by the way, in times of war communication is the first thing that is targetted.

Another sharp Nairalander schooling 'Olodo' Beaf.

@A-Zed.

Don't mind the 'Olodo' twerp. When has privatisation ever meant that a nation is abdicating its regulatory authority which, to averagely clever folks, is still the final arbiter of how private companies will operate and conduct their affairs?

It is amazing how many time Beaf does U-turns on this forum to accomodate the fact that he is an airhead who stands for nothing beyond blindly defending his clueless paymasters. In the UK today, Private foreign hands own all sorts of businesses and enterprises but that does not mean the UK is getting a Russian or Saudi Arabian backbone anytime soon when the likes of David Cameron, Clegg, the Miliband brothers and Osborne et al continue to hold sway in dictating what is possible and what is not.

Anyone fully conversant with the core principles of  globalisation and shrinking borders will realise how ridiculously unintelligent and sycophantic Beaf is with his attempt here to evoke fear of "foreigners" to back his moronic argument. The frontier has changed forever and borders will continue to shrink . Now, Countries willing to stay on top and dominating must let in foreign investment while never forgetting that robust regulation by authorised citizens is king .

the earlier Nigerians know that Iweala is an agent of IMF/world bank the better.

Gbawe:

Another sharp Nairalander schooling 'Olodo' Beaf.

@A-Zed.

Don't mind the 'Olodo' twerp. When has privatisation ever meant that a nation is abdicating its regulatory authority which, to averagely clever folks, is still the final arbiter of how private companies will operate and conduct their affairs?

It is amazing how many time Beaf does U-turns on this forum to accomodate the fact that he is an airhead who stands for nothing beyond blindly defending his clueless paymasters. In the UK today, Private foreign hands own all sorts of businesses and enterprises but that does not mean the UK is getting a Russian or Saudi Arabian backbone anytime soon when the likes of David Cameron, Clegg, the Miliband brothers and Osborne et al continue to hold sway in dictating what is possible and what is not.

Anyone fully conversant with the core principles of globalisation and shrinking borders will realise how ridiculously unintelligent and sycophantic Beaf is with his attempt here to evoke fear of "foreigners" to back his moronic argument. The frontier has changed forever and borders will continue to shrink . Now, Countries willing to stay on top and dominating must let in foreign investment while never forgetting that robust regulation by authorised citizens is king .

What does any of the above have to do with the topic, sir?
Which kain tin be dis? [size=14pt]Its as if you love me!

I be man o!
And I ONLY like only babes with sensually soft wigglies[/size], I don't get involved with bony pot-bellied men with bad breath and lil short legs.

Unu go wound o!

www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6

evilspirit:

the earlier Nigerians know that Iweala is an agent of IMF/world bank the better.

That is silly nonsense, sold to weak minds in an attempt to subvert the country. What is your basis for making such a ridiculous claim?
I wonder if you people hate Nigeria?

Beaf:

That is silly nonsense, sold to weak minds in an attempt to subvert the country. What is your basis for making such a ridiculous claim?
I wonder if you people hate Nigeria?

There might be some truth to Iweala being an agent. Look at outtara of the Ivory Coast. The french army came to IC to overthrow Gdagbo to put a puppet in. Liberia has Ellen Johnson who was a harvard economist. The libyan guy from NTC was an IMf guy too. Is that just a coincidence?

She wants to remove fuel subsidies for what? Is she goeing to fix the refineries? Fix the power? What is she doing to help Nigeria?

igbo2011:

There might be some truth to Iweala being an agent. Look at outtara of the Ivory Coast. The french army came to IC to overthrow Gdagbo to put a puppet in. Liberia has Ellen Johnson who was a harvard economist. The libyan guy from NTC was an IMf guy too. Is that just a coincidence?

She wants to remove fuel subsidies for what? Is she goeing to fix the refineries? Fix the power? What is she doing to help Nigeria?

Dude, I usually like your posts, but this "agent" stuff is just childish NWO style conspiracy theory rubbish.

Beaf:

What does any of the above have to do with the topic, sir?
Which kain tin be dis? [size=14pt]Its as if you love me!

I be man o!
And I ONLY like only babes with sensually soft wigglies[/size], I don't get involved with bony pot-bellied men with bad breath and lil short legs.

Unu go wound o!

www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6

From this thread, the entire forum can discern what you really are. This should be a signature reference thread to showing what a dullard you are. When bested , by far, with logic and sound argument that ridicules silly ideas you propagate , totally out of a sycophantic need to slavishly back the actions of your paymasters, you resort to arrant childishness.

Oga Beaf, please tell the forum, in this day and age of globalisation and shrinking borders, where you got this senseless cold war paranoia from that demonstrates how , even minimally, you don't understand that privatisation does not mean a foreign takeover of a Nation:

The first thing that is targetted in times of war, is the power supply. What sense will it make to 100% hand that over to foreigners? Nobody in their right senses would sell their own country in that way.

I am actually embarrassed for you with the ridiculous statement above you hurriedly and unthinkingly spouted in haste , as usual , to defend every single action (wrong or right) of your clueless paymasters. You are simply clueless.

Gbawe:

Are these people for real  From "total privatisation" , before the election, to this i.e more or less full engagement of the FG in the sector ?  Anyway smart folks know why the FG, despite saying so, has now done a total U-turn to remain in the contract-reliant cash cow the power sector is. Did I not tell the likes of Papabrowne and Paddy lo, before the election, that this is all GEJ is capable of serving up and not the radical changes some folks misguidedly believed a politician , timid and mediocre his entire career, can magically deliver?

Which Private sector investor is mad enough to invest their funds in a sector to be managed by the FG given that corruption, profligacy and lack of transparency is worse under this Government? Someone should remind us of what George Soros and others told Okonjo Iweala when she approached them to invest in Nigeria.

Not to change the subject or anything, but what was Iweala told by George Soros. I'm curious.

Bawss1:

Not to change the subject or anything, but what was Iweala told by George Soros. I'm curious.

See below. In fact , I think Soros and co are just being polite. Top echelon investors will not come to Nigeria currently because the changes they want to see are not minimally forthcoming. Instead what they see is a Government not willing to introduce the radical reforms and changes that indicates seriousness and a desire to tackle the problems blighting the entrance of foreign investment into Nigeria.

Even if they will not reveal it, these investor know that the left hand does not know what the right hand is doing in Nigeria i.e Okonjo Iweala may genuinely be seeking top investors for Nigeria but GEJ is in bed with those who do not want such investors in Nigeria because the "owners of Nigeria" , despite innate incompetence" want to keep everything to themselves!!!

Certainly Otedola would not want our refineries privatised transparently because that would mean he cannot buy one 'under the table' cheaply and without recourse to due process. We see this consideration in effect with how the NNPC is now tasked with turning our refineries round. I can bet any money that when privatisation of our refineries does happen, it is Otedola, Dangote, OBJ(under a front company) et al who will miraculously be the only "qualified" buyers same as how Adenuga's globacom is now pencilled down for NITEL while Vodafone was given short shrift when it demonstrated an interest in taking over NITEL . It is the PDP way and the world is wise to it. 

Who will therefore attempt to enter such a market where they will be sabotaged ? Is it not how Vodafone came in for NITEL yet we frustrated them away while, to the happiness of Ghanaians, Vodafone successfully took over Ghana telecoms and are now providing excellent service I can pesonally testify to. We are our own greatest enemies and the likes of Soros know this. He did not get to where he is now without being bright and discerning.

http://newnigerianpolitics.com/2011/08/07/okonjo-iweala-hunts-for-fdi-meets-soros-others/

Okonjo-Iweala Hunts for FDI, Meets Soros, Others
Posted by admin Headlines Sunday, August 7th, 2011

Incoming Finance Minister and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has commenced hunting for Nigeria’s needed foreign direct investment (FDI) in the United States, with meetings with top financiers and key global investors.
This move is in pursuit of President Goodluck Jonathan’s focus on growing the economy by boosting investment and job creation in the country.

The meetings, which were held in New York and Washington DC, were centred on exploring opportunities in different sectors of the Nigerian economy especially with regards to financing important projects in the country.

THISDAY learnt that among the financial and investment heavyweights she had met so far were the iconic financier, Mr. George Soros, as well as the heads of two of the biggest investment banks in the US – Citigroup CEO, Mr. Vikram Pandit, and CEO of JP Morgan Chase, Mr. Jamie Dimon.

According to a source at the meeting, the discussions were both “positive and promising”.
The investors are clearly interested in Nigeria and would invest under the right conditions and environment but they also expressed concern about some aspects of the country’s financial and economic management.

In particular, the financiers and investors would like to see a tighter approach to macroeconomic management, including a better budgetary process, improvements in the investment climate and greater transparency and rule of law in the country.

^
You are just a partisan donkey. What is alarming about the article you posted? You just streeeeeeeeeeeeeeeeeetch everything everything like rubber until the truth becomes lies. Then you lose your temper like a fool when found out. Oya, rev up your engine and start talking angry rubbish like a wind-up toy. Lol!

Gbawe:
Okonjo-Iweala Hunts for FDI, Meets Soros, Others
Posted by admin Headlines Sunday, August 7th, 2011

Incoming Finance Minister and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has commenced hunting for Nigeria’s needed foreign direct investment (FDI) in the United States, with meetings with top financiers and key global investors.
This move is in pursuit of President Goodluck Jonathan’s focus on growing the economy by boosting investment and job creation in the country.

The meetings, which were held in New York and Washington DC, were centred on exploring opportunities in different sectors of the Nigerian economy especially with regards to financing important projects in the country.

THISDAY learnt that among the financial and investment heavyweights she had met so far were the iconic financier, Mr. George Soros, as well as the heads of two of the biggest investment banks in the US – Citigroup CEO, Mr. Vikram Pandit, and CEO of JP Morgan Chase, Mr. Jamie Dimon.

[size=14pt]According to a source at the meeting, the discussions were both “positive and promising”.
The investors are clearly interested in Nigeria[/size] and would invest under the right conditions and environment but they also expressed concern about some aspects of the country’s financial and economic management.

In particular, the financiers and investors would like to see a tighter approach to macroeconomic management, including a better budgetary process, improvements in the investment climate and greater transparency and rule of law in the country.

http://newnigerianpolitics.com/2011/08/07/okonjo-iweala-hunts-for-fdi-meets-soros-others/

The investors expressed concern, but under your voodoo, it has become darkness and woe.
Gbawe! Gbawe! Gbawe! I de hail oooooooooooooooooooooooooo!!!!!!

They may as well jus privitise the damn thing and lets move forward!!!. This thing is a two way there, theres the generation aspect and distribution aspect of it. If they do not want to privitise all of it. They should do the one in which they are go at and leave the rest to the private sector ( But we all knw they are not veryy efficient)

Beaf:

Dude, I usually like your posts, but this "agent" stuff is just childish NWO style conspiracy theory rubbish.

It isn't a conspiracy theory, it has happened before. People have spoken out many times. Why did America go to war with Iraq?
https://www.youtube.com/watch?v=0CofEbxtIxI

The French put in Outara, he used to work for the IMF.
https://www.youtube.com/watch?v=vKv7riOikTw&feature=channel_video_title

The world bank and IMF are known to mes up other countries:
https://www.youtube.com/watch?v=DrynBzUpyag

America needs to get rich and this is their way of cheap resources. If their resource s are high then their economy is destroyed.

This has happened many times before. Look at Burkina Faso. Why did a young man in his 30s die when he was helping his people. Then a dictator came in who destroyed the country and put them in crazy debt. He has been in power for like 24 years. Is that a coincidence? Look how Salvador Allende died and then Pinochet destroyed Chile. Lumumba dies and Mobuto destroys Congo.

African countries need to unite and nationalize all resources. But this will be a big war. Look at the Congo, the war makes me so sad just for resources and who is benefiting?

Now America wants to bring their army to Nigeria: http://www.mathaba.net/news/?x=629019%3Fdisqus