Among those who gathered in a two day government initiated conference to rewire the nation’s power generation conscience are global energy engineering giants including Switzerland’s ABB, Britain’s Rolls-Royce Group and Germany’s MAN Diesel and Turbo.
The greats in the world of energy provision have gathered in a newly launched drive to attract foreign investors in the nation’s bid to boost electricity production and power generation.
At the conference also were international project financials from United States and South Africa.
The Federal government launched the new initiative on Thursday as desperation for improved power supply assumed an all time high proportion.
President Goodluck Jonathan led the new campaign at a conference where many potential international power investors gathered to assess the nation’s level of seriousness.
Power outages have been the main clog in the wheel of Nigerian progress with many working class youths many of who are well endowed as nation’s assets, taking to crimes low esteem engagements and other disturbing lifestyle.
Sabotage created by high level corruption and mismanagement are part of the reasons the nation wreaths in serious pain of underdevelopment while many vibrant professional youths are taking to all sorts of odd engagements including Okada ride transport services to make ends meet in a nation figured out by the entire world as a potential world stakeholder..
Less than two months ago President had laid out plans to privatise most of the power sector in the country..
“I believe that Nigeria is a power investors’ haven,” Jonathan said.
The two-day meeting has attracted among others global energy engineering giants including Switzerland’s ABB, Britain’s Rolls-Royce Group and Germany’s MAN Diesel and Turbo.
“We have invited you across the world because we fully realise that transforming Nigeria’s power sector is the next major enterprise in our journey to advance human progress in this part of the world,” Jonathan said.
Jonathan’s government plans to privatise electricity generation and distribution in the country as well as boost natural gas availability to fire new plants.
In August Jonathan pledged a new 3.5-billion-dollar electricity grid to be built in four years while Nigeria’s Central Bank has set up a two billion dollar fund to assist private investments in the power and aviation sectors.
US and South African financiers also attended the Abuja meeting.
Nigeria’s inadequate power production has been hit by theft and losses during transmission while rebel attacks on oil pipelines affect gas supplies to electricity plants witgh all sabotaging activities drawn by poverty and desperation by people to look for money at all cost to make a living.
The use of power generating plants however has created one of the greatest health hazards with air pollution endangering the life of millions.
“We spend about 13 billion dollars every year providing power from diesel generators when we require only about 10 billion dollars per year in investment over the next few years to develop our generation, distribution and transmission capacities,” Jonathan said.
He said less than half of Nigerians have some access to electricity.
Last year, Nigeria produced an average of 3,700 megawatts. South Africa, another continental powerhouse, produces more than 43,000 megawatts of electricity for a population a third the size of Nigeria.