Nigeria, today signed a Memorandum of Understanding with a South Korean Company, Daewoo Engineering and Construction Company Limited, to facilitate the production of 10,000MW of electricity projects in the country.

A statement from Ugwuagwu Anikwe, Special Adviser(Media) to Power Minister, said the Company has undertaken to provide 20 per cent equity in the various projects identified under the scheme, in addition to providing expert advice and guidance on electrical, production and constructionof power projects to companies wishing to do business in Nigeria under the agreement.

Minister of Power, Prof. Bart Nnaji signed on behalf of the government, while the President and CEO of Daewoo E&C, Mr. Sang-Real Kim, signed on behalf of his company at the event which took place at the Power Ministry's Conference Room in Abuja.

The MoU guarantees 10-15 per cent equity or other forms of investment in the Nigerian power sector by the foreign party. Daewoo under the terms of its MOU will invest 20 per cent equity and in various engineering and construction services in the Nigerian power sector.

It is the fifth MOU to be signed by the Nigerian government and various international investors since the launch of the Nigerian power reform road map on August 26, 2012.

The other MOUs were signed with US Exim Bank to provide $15 billion credit to the Nigerian power sector and with Siemens of Germany to assist in the provision of 10, 000 megawatts of power generation infrastructure in the country and 10-15 per cent equity in new power generation stations. Other MOUs were signed with General Electric of the United States and Electrobras of Brazil under identical terms with the one signed with Siemens.


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