The Nigerian Investment Promotion Commission has said a Korean Firm, HQMC Korea Company, will soon invest $30bn in Nigeria's solar power plants.

The investment, according to the Assistant Director/Head, Media and Publicity, NIPC, Mr. Joel Attah, will see the company building 10,000 megawatts of solar power plant in the country.

The move, she said, would help the Federal Government to attain energy sufficiency and stability in Nigeria.

The recent statement read in part, "The Chief Executive Officer of the Company, Mr. Kin Moon, announced his plans to invest in the Nigerian economy during his meeting with the management of the NIPC in Abuja.

"He further disclosed that the construction of the plant, which is expected to commence in January 2014 had a target to build 1,000MW every year for 10 years.

"Moon, who was visiting Nigeria for the first time, stated that his company had plans to build 300MW of photophobic panel plant and other solar thermal technology, and about 10, 000 jobs are expected to be generated when the project takes off, while $1.8bn will be generated annually from the projects."

The statement also said that about 83,999.99 hectares of land would be required to actualise the project in the country.

It added that the Executive Secretary of NIPC, Mr. Mustafa Bello, who was represented by the Director, One Stop Investment Centre, Mr. Amos Sakaba, expressed appreciation to the Korean company for considering Nigeria as its preferred investment destination in Africa.

He noted that the power sector was considered as one of the highest priorities of the Federal Government in its transformation agenda, and that the Korean firm had made the right choice to invest in the sector.

He said, "The demand of energy in Nigerian is far from being met. The sector is very lucrative for any potential and genuine investors."

He described the Nigeria market as very huge and would absorb any amount of megawatts of electricity that was generated. "The Federal Government is very serious about the power sector, and your coming to generate more power through solar system is considered as an additional value chain for the economy," he said.

He added that with 25 agencies at the One Stop Investment Centre facility in the commission, investment into the country would no longer go through cumbersome processes.

Source: http://odili.net/news/source/2012/nov/25/830.html