FG signs power reform MoU again Reviewed by Momizat on . The federal government has signed another Memorandum of Understanding (MoU) with a South Korean company, Daewoo Engineering and Construction Company Ltd, to fac The federal government has signed another Memorandum of Understanding (MoU) with a South Korean company, Daewoo Engineering and Construction Company Ltd, to fac Rating:
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FG signs power reform MoU again

The federal government has signed another Memorandum of Understanding (MoU) with a South Korean company, Daewoo Engineering and Construction Company Ltd, to facilitate the production of 10,000mw of electricity projects in the country.

Daewoo 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 construction of power projects to companies wishing to do business in Nigeria under the agreement.

Minister of Power, Professor Bart Nnaji who signed on behalf of the federal government, said that the MoU would change the old system of contractors coming to the country simply to work and get paid, rather, the investors will join in the expansion of the power sector.

Today is a very important day for the relationship we want to create between ourselves and Daewoo, and the people of Korea,” Prof Nnaji said in remarks to flag off the signing ceremony.

“The President was in South Korea and he gave us an opportunity to reach your company and we agreed with your CEO that we would enter into a memorandum of understanding on how to work together and how your company would work with us to improve power supply in Nigeria,” he added.

“We are now making the power sector attractive for investment by international investors,” he said to the visiting Daewoo team members, adding that it was now hoped that they would not only execute contracts but also invest in the power sector under the MoU.

President and Chief Executive Officer Daewoo E and C, Mr. Sang-Real Kim, signed on behalf of his company.

This 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 FG had previously signed an MoU with US Exim Bank to provide a $15billion credit to the Nigerian power sector and with Siemens of Germany to assist in the provision of 10,000MW of power generation infrastructure in the country and 10-15 per cent equity in new power generation stations

MoUs were also signed General Electric of the United States and Electrobras of Brazil under identical terms with the one signed with Siemens.

 

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  • Chukwuji Tom

      The federal government should step up on this power issue because things
    are getting out hand. light and cleanliness shows the state of any nation
    spiritual and fiscally and also collecting money from the public every
    month by phcn without doing there service is bad. if the people in in the power sector are not
    capable they should re leaf them of there duty and bring in the
    professionals few people should not hold us to ransom.

  • Abdulquadri Olawin

     launch of the Nigerian Power Reform Road Map on August 26, 2012? Fix the  date.

  • juliusonny

    Every time I
    read about MOUs being signed most especially with regard to stable electricity
    supply, I just keep wondering how many MOUs it will take to one day have stable
    electricity in Nigeria. Sorry uninterrupted supply of electricity is not going
    to happen so soon. Do you know why? It is simply because Nigerians have been
    mentally cheated by Mother Nature and more, Nigerians are so backward to the
    extent that they only pray. Prayers without action do not solve any problem. If
    prayers do solve any problem at all, Nigerians’ God has turned deaf ears to
    theirs. I would like to suggest that MOU be signed with Boko Haram, who knows,
    they might stop killing innocent people and leave Nigeria in peace. 

  • Problem_solver

    Nigeria is the only Nation on earth that elects Wrongful Leaders for Rightful Positions.
    All the past ministers for Power and event the current minister do not have any idea about their positions. We should not be blaming these people at all because they do not know better.
    Nigeria is 50 years / Nigeria is the 5th or 7th Oil provider / Nigeria has about 165 million people / Nigeria is the Giant of Africa / NIGERIA HAS THE DUMMEST & VISION-LESS LEADERS.
    You can confirm this facts by asking any of the past and present leaders, if he or she is a DUMMY,

  • http://www.gistnaija.com/ Gist Naija

    privatisation of the power sector is a welcome devt but the affected workers should be well compensated.

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