India has committed a $100 million line of credit to Nigeria for improvement in its power sector that has been battling with instability and corruption.

Indian High Commissioner to Nigeria Mahesh Sachdev announced this during inauguration of the manufacturing and repair of power transmission equipment plant developed by India's Skipper Group in Ikorodu area of southern state of Lagos yesterday.

"Nigerian and Indian governments will soon sign the agreement for the line of credit," Sachdev said, adding that 12 Indian companies have shown interest to invest in Nigeria's power sector.

"India, which is Nigeria's second-largest trading partner, has both the capacity and expertise to support Nigeria's ambitious development plans in the power sector." he said.

He noted that unlike many other foreign companies which were content to execute projects on tactical basis, Skipper Group, over the past decade, had invested in Nigeria to create manufacturing and repair capacity, transfer of technology and employment generation.

Speaking on the occasion, Nigeria's power minister Bart Nnaji said with the completion of the repair plant, the country would no longer ship transformers to South Africa, India and other countries for repair.

"With this repair facility, we will not be shipping transformers to South Africa, India and other countries for repair. It costs us money; it costs us time. Now, the repair is going to be done here and on top of that, it will create local employment," he said.

The High Commissioner also visited the site of the recent plane crash at Iju Lagos and expressed grief over the loss of innocent lives.

Nigeria has been battling hard to improve power supply to its 150 million people but corruption has proved to be a major setback to the move.

The problems in the sector have also proved to be a major roadblock in this oil rich African country's path to industrialisation.

President Goodluck Jonathan's government has roped in country's anti-corruption agencies to investigate the malpractices in the sector and fix the loopholes in a bid to improve power supply in the country by this year.

http://m.economictimes.com/news/news-by-industry/energy/power/india-to-give-100-million-aid-for-nigerias-power-sector/articleshow/13920293.cms

lol. Money is not the probs.

Where are those calling for "India Must Go"...lol

this is a welcome development in the country, if we can achieve this kind of feat in all facet of the economy, i believe Nigeria would be better off. And also we would regain our pride of place in comity of nations.

Money is not the issue,the money will be shared

@ OP

Sorry, I didn't see anywhere in the article how they want the FG to share this money among themselves all in the name of Power!!!!

What BILLIONS of $$$ could not achieve in 50yrs the Indians thinks 100M will achieve? ? ?

Though I appreciate their concern, but I am certain this money will also end up in their pockets just like the others

Is this a bribe, and again, so we used to ship transforrmers abroad to repair, so our universities cant even train electrical engineers to be able to fix transfers, yet they can cry if there is a name change.

It will surely end in paying travelling and hotel allowance for the committee members.

Na 2day? shioor

Another chop chop

inspirenet: lol. Money is not the probs.

So on point,no be lie. But I smell some diplomacy stunts here

[quote author=apoti]
1. Subsidy reinvestment board
2. Committee on post-election violence
3. Committee to identify leakages and waste in the Ministries, Departments and Agencies
4. Committee for airport upgrading
5. Justice Alfa Belgore committee
6. Presidential Committee on Award of Post-Graduate Scholar-ship to first class graduates
7. Presidential Committee on the Rationalisation and Restructuring of Federal Government Parastatals, Commissions and Agencies
8. Committee to negotiate with the radical Islamist sect Boko Haram
9. Committee to ratify FG contracts and procurements
10.Pensions Reform Task Force
11.Committee on transparency in the oil sector
12.committee set up to decongest the ports
13.Committee to monitor oil exports
14.committee saddled with the responsibility of expelling all unqualified students from the school
15.inter-ministerial committee to work out modalities for University lecturers to have a minimum PhD qualification
16.NDDC fact- finding committee
17.Presidential committee on road infrastructure
18.Presidential committee on restructuring and rationalisation of the Federal Civil Service

So far, no presidential committee has been formed on Power.

With this latest Indo commitment of over $100million, expect the next presidential committee on Power.

They av just wasted their money cos we av A̶̲̥̅ govt that specialises in wasting resources. If GEJ govt was made the manager of Sahara desert, the sand there will finish in 3 months.

To gain total control of our power sector. I hope Zimbabwe doesn't start giving us aid soon.

at least 2 commitees will kum out 4rm here
1. Commitee for managing power which includes givin of energy bulb 2 every household
2.commitee for power infracstructur mgt..
Lol.... I luv dis country

now let the looting begin

its better for them to buy us transformers,and other electrical equipment,than 4 them to give our leaders dis money.

I.Oludayo:
To gain total control of our power sector. I hope Zimbabwe doesn't start giving us aid soon.

Seriously, Zambia has proposed to providing Nigeria with electricity.

Aid is not what Nigeria needs, what is needed its implementation.

Good move. Any investment helps. And thoughtful of him to visit the DANA crash site. That's diplomacy working well.

I believe the power sector will work out this,coz India's are mean people,their money no dey waste.

Na wa oo!
So what are the world-class branded UNILAG graduates doing that they cannot repair ordinary transformer.

Na today I begin hear loans, grants and proposals given to Nigeria by several countries yet the situation has not improved.. The money will end up in individual pockets.

Oluwa4Sure: @ OP

What BILLIONS of $$$ could not achieve in 50yrs the Indians thinks 100M will achieve? ? ?
Though I appreciate their concern, but I am certain this money will also end up in their pockets just like the others

I agree with you. What is 100M (the money na CREDIT line sef, no be say na dash). What is 100M CREDIT compared to how much Nigeria generates per week (even from Nigeria Customs alone)? Although one needs to be thankful even if a gift is 'small'...but I seriously question THE TIMING OF THIS GIFT by Indians. It is not money (i.e. the lack of it) that is our problem in Nigeria.

Besides, the money is just chicken change for our legislooters and corrupt governors. But hey, maybe that's exactly what this money is designed to achieve in light of recent happenings. Make dem carry dem credit go siddon jare! Nigerians, shine your eyes.

If Indians wanted to REALLY help, let them bring power equipment or build micro power stations. Or better yet, why cant they donate the 100M to the victims of Dana Air crash?

Mtcheeewwwww!

More chop money has just been injected into the coffers of the FG.

PDP! Share the money!
PDP! Tiff the money!

Blood money?

This is a line of credit, loan and not grant. It will be a good idea to share with people the interest rate on the line of credit. Is the money going to the government, Nigerian businessman or is this money going to be given to Indian business people to do business in Nigeria. How is this money to be utilized down the line? We have to be careful of free, grants, aids and everything indians.

What a shame! India now giving aid to Nigeria - one of the supposed top seven Oil Producing Nations in the world.

Anytime i remember mi country water runaway mi eye aye aye water runaway mi eye. What a shame!

Nigeria should be ashamed of themselves. India and Nigeria where once in the same league as developing Countries but Today india is probably light years ahead of us and even giving us aid instead. Indeed Nigeria is going to the dogs.

suffer no be even uk or america na india don day cum borrow us moni anyway sha make we see how them go use the moni

Money wey our govt don share amongst them selves, that money don finish even b4 e reach our hand