The Federal Government has revealed plans to invest a total of $550 million into the nation’s power sector through the Nigeria Sovereign Investment Authority (NSIA).
Speaking at a news conference with journalists in Abuja, the Minister of Finance, Dr Ngozi Okonjo-Iweala said that $350 million will be used as a liquidity facility for the Nigerian Bulk Electricity Trading Company while over $200 million will be injected for the gas to power investment.
Dr Okonjo-Iweala said the plan will assist in addressing the challenges in the nation’s power sector.
She explained that the objective of the $200 million that will be committed to the Infrastructure Fund vehicle of the SWF would generate catalytic funding for gas to power infrastructure which will leverage on available funds to boost the development of the power sector and improvement of power supply.
“This is evidence that the investment which the country is making in the NSIA is increasing and the benefits of this investment will bear good fruit for the country. There is still work to be done but we are on the right track,” she said.
“The additional funds were derived from the $1 billion Euro bond which the country successfully floated last year, proceeds of which were set aside for financing power infrastructure.” she said.
Speaking at a news conference with journalists in Abuja, the Minister of Finance, Dr Ngozi Okonjo-Iweala said that $350 million will be used as a liquidity facility for the Nigerian Bulk Electricity Trading Company while over $200 million will be injected for the gas to power investment.
Dr Okonjo-Iweala said the plan will assist in addressing the challenges in the nation’s power sector.
She explained that the objective of the $200 million that will be committed to the Infrastructure Fund vehicle of the SWF would generate catalytic funding for gas to power infrastructure which will leverage on available funds to boost the development of the power sector and improvement of power supply.
“This is evidence that the investment which the country is making in the NSIA is increasing and the benefits of this investment will bear good fruit for the country. There is still work to be done but we are on the right track,” she said.
“The additional funds were derived from the $1 billion Euro bond which the country successfully floated last year, proceeds of which were set aside for financing power infrastructure.” she said.
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