ABUNDANT OPPORTUNITIES EXIST WITHIN NIGERIA POWER SECTOR - FG

By Oduwaiye Fela

The Federal Government has enjoined financial institutions to consider huge investments in the power sector as abundant opportunities exist within the sector.

The Vice President, Arc Mohammed Namadi Sambo noted that the power sector is a success story in Nigeria. He said this while receiving Mr. Jim Cowles, Chief Executive Officer, Europe, Middle East and

Africa of Citi Bank Group in his office.

He commended the Ministry of Finance and the Debt Management Office (DMO) for their efforts in ensuring the over subscription of the Eurobond. He noted that the recent financial institutions’ conference which held recently in Abuja, highlighted the various opportunities that existed in the power sector as well as other infrastructural sectors of the economy.

Vice President Sambo called on Citi Bank Group to create the possibility of investing in power generation and distribution sectors. He also stated that Government plans to develop the sugar industry as well as food inputs as a lot of resources is being expended on them annually.

Arc. Sambo expressed appreciation for the visit and called on more investment into the Agric sector, just as the major rice investment in Taraba State. He enumerated the efforts being expended on the Zungeru Hydro power plant and the Mambilla Hydro power to ensure that power is achieved and businesses thrive, especially Small and Medium Scale Enterprises.

Earlier, the CEO of Citi Bank Group, Mr. Jim Cowles said that the bank had designated five countries as investment countries and Nigeria was one of them. He appreciated the efforts of the Ministry of Finance and the DMO in their efforts to ensuring the over subscription of the Eurobond.

He also said that the bank has confidence and is committed to Nigeria. He said the bank had operated in Nigeria for over 30 years under the name NIB.

Those present at the meeting were Mr. Ade Ayeyemi, CEO, Sub Saharan Africa of the Bank, Funmi Ogunlesi, Public Sector group, Africa Treasury and Trade Solutions and Baba Kulloma, Vice President Senior Public Sector Banker-Nigeria.

Source: FMI

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