Azura Power Group To Invest $1bn In Nigeria Power Sector
This is in addition to the over four billion dollars investment secured by the Federal Government to boost power supply across the country.
In a meeting with the investors on Monday, the Minister of Power, Professor Chinedu Nebo, said it was a major investment that would boost generation and distribution of power.
While there are other efforts to ensure stable and adequate electricity supply, the Minister of Finance, Dr Ngozi Okonjo-Iweala, said that the deal would address the shortfall currently experienced.
The managing Director of the Azura Power Group, David Ladipo, expressed optimism that their investment would help Nigeria solve its electricity problem.
The investment is aimed at boosting power supply from the current 4,000 megawatts to 7,000 megawatts before the end of 2014.
The Nigerian government had in November 1, 2013, unbundled the Power Holding Company of Nigeria in a privatisation process that had been described as one of the most transparent privatisation processes in Nigeria and in West Africa.
Professor Nebo had at that time told Nigerians to expect an increase in tariff, a development that Nigerians had expressed readiness to embrace, as long as they have power to show for it.