NIGERIA Fed. Gov`t. Invests $2.5 Bn On Power Stations including Advance BROADBAND over Powerlines, intelligent metering, billing & collection, & more

FG Invests $2.5 Bn On Power Stations

Vanguard (Lagos)

March 7, 2006
Posted to the web March 7, 2006

Princewill Ekwujuru


IN pursuit of steady power supply, the Federal Government has expended a total of $2.5billion on three power stations in the country.

Dr. Ransome Owan, Chairman\CEO, Nigerian Electricity Regulatory Commission (NERC) made the disclosure at a business luncheon sponsored by Kotco Power Industries Limited and Negris Limited in conjunction with the Nigerian British Chamber of Commerce (NBCC) in Lagos.

He disclosed that already AES, Agip, Mobil and other oil companies are now involved in building new Independent Power Projects (IPPs) which invariably will bring additional capacity, technology, and enhance employment opportunities.

This in effect he said would translate to a boom for professionals services, spin off small scale businesses and new openings for other economic activities.

In creating additional investment opportunities Owan stated that new trading agreements and know-how needed for complete overhaul of the present system would be put in place.

In addition, he noted that new technologies such as broadband over power lines (BPL), intelligent metering, billing and collection, alternative energy production, solar power, micro and hydro would be advanced.

The NERC Chairman explained that with the reforms going on in the sector improved power supply will mean cheaper electricity and cheaper industrial products and services.

Owan said that gas to power opportunities abound in the country, even though Nigeria with its five per cent of the world's reserve of natural gas still lacks an efficient domestic gas distribution network. Consequently, he noted that improved power supply will have a socio-economic impact, and would alleviate poverty, improve quality of life, better health due to ability to refrigerate vaccines and other healthier environment.

In this context, NERC as an enabler, the chairman noted will create, promote and preserve efficient industry and market structure, ensure maximum utilization of resources.

He said that NERC will ensure maximization of electricity services, encourage adequate electricity availability to consumers and institute fair and balanced market based regulation in the industry.

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