The Bureau of Public Enterprises (BPE) has declared that the nation’s power reform needs $15-20 billion of investment over the next three years to buy and develop electricity assets.
The BPE in a statement on Friday said the nation’s economy could grow three percent faster if it solved chronic power shortages.
The power sector reform by the federal government plans to sell off 11 distribution and 6 generation companies by October as part of plans to privatise a power sector.
President Goodluck Jonathan laid out plans in 2010 to break up the Power Holding Company of Nigeria and sell off its generation and distribution units.
The Ministry of Power says it’s confident that the privatisation process will be complete by October when following which the current power output of under 4,000 megawatts can be boosted to 6,000 by the end of the year and 10,000 by the end of 2013.