[size=14pt]Central Bank sets up fund for Nigeria power, air sectors[/size]
(AFP) – 1 hour ago

ABUJA — Nigeria's Central Bank on Tuesday said it has set up a 300 billion naira (1.6 billion euro, 2.0 billion dollar) fund to assist private investments in the power and aviation sectors.

"The purpose of the fund is to help sustain private sector investment in the two sectors," the Central Bank of Nigeria (CBN) said in a statement.

The amount is part of an initial 500 billion naira Power and Aviation intervention fund announced in April "in a bid to catalyze financing of the real sector of the Nigerian economy," it said.

The Central Bank added that the fund supports President Goodluck Jonathan's ongoing initiatives in the two sectors.

Earlier this month, Jonathan pledged a 3.5-billion-dollar electricity grid for Nigeria, but gave few details on how the pre-election promise would be paid for. Elections are set for January in Nigeria.

Jonathan has made improved access to power a key goal in a country where electricity outages are a daily occurrence despite its huge oil resources. The government also wants to privatise parts of the power generation chain.

The country is meanwhile undertaking efforts to improve its aviation sector, which Aviation Minister Fidelia Njeze described on Monday in Abuja as "a catalyst to economic growth."

The new fund will be managed by the Bank of Industry, with African Finance Corporation serving as its technical adviser.

Companies wishing to participate must be duly registered and involved in electricity power generation, transmission, distribution and associated services, the statement said.

Any duly incorporated airline operating in Nigeria is also eligible to apply for seven percent loans from the funds.

http://www.google.com/hostednews/afp/article/ALeqM5jA8iJ6oQJHWgZJ2MFwGkr9vV6mvA

Jonathan is Nigeria's new man of action. "NEPA don take light!" will soon be a distant memory and as the other half of a double blessing, Nigerians stand to gain from a market that is worth tens of billions.
These are the sort of serious steps the country needs to develop. What a guy!

[size=21pt]Jonathan 2011 is yours! Carry go![/size]

I thought that when Sanusi announced Power fund, you mocked him as a generator provider. Now you are using it as evidence of Jonathan's good governance.  

thank the almighty, our future is secured by this single act.

Ibime:

I thought that when Sanusi announced Power fund, you mocked him as a generator provider. Now you are using it as evidence of Jonathan's good governance.

You have a long memory!
But you are mistaken sha.

That thread was about CBN actually getting involved in generating power. This is a totally different ball game, and part of a larger govt policy that also involves the petroleum sector.

The news of this fund was actually first broken by Petroleum Minister Diezani Alison-Madueke and Minister of State for Power, Nuhu Wya after President Goodluck Jonathan had also approved a new reduced tariff for LNG customers.

Ibime:

I thought that when Sanusi announced Power fund, you mocked him as a generator provider. Now you are using it as evidence of Jonathan's good governance.  

See how the hypocrite deftly steered clear of Sanusi's name in his comment. It is this kind of people that draws Nigeria backwards because our worst problem is internal division created by these tribalists.

Beaf:

Jonathan is Nigeria's new man of action. "NEPA don take light!" will soon be a distant memory and as the other half of a double blessing, Nigerians stand to gain from a market that is worth tens of billions.
These are the sort of serious steps the country needs to develop. What a guy!

[size=21pt]Jonathan 2011 is yours! Carry go![/size]

Akanbi_edu:

See how the hypocrite deftly steered clear of Sanusi's name in his comment. It is this kind of people that draws Nigeria backwards because our worst problem is internal division created by these tribalists.

Indeed.

Money looted as usual