Home News Eight US companies plan to invest $1.5bn in Nigeria’s power sector

Eight US companies plan to invest $1.5bn in Nigeria’s power sector

by Business News Report

Eight U.S. companies have signify their intention to invest in Nigeria’s power sector. The companies are Anadarko Petroleum, Caterpillar, Chevron, Energy International, General Electric, Pike Enterprise, Strategic Urban Development Alliance LLC and the Symbion and Zanbato Group. Officials of the companies on Monday visited the Minister of Power, Professor Bart Nnaji, to canvass for investment in the power industry. The Nigerian-US Commission, as part of efforts to boost electricity generation, transmission and distribution, is working out best strategies to secure the Nexim Bank, US, investment portfolio of about $1.5 billion US dollars set aside to fund US investors wishing to participate in the ongoing privatisation of the power sector in Nigeria. [ad]

Mr Bill Fitzegerald, the leader of the team, told the minister that they were in the country to seek investment opportunities in the energy sector with a viewing to assisting Nigeria to curb its energy crisis.
In his comments, Nnaji said Nigeria needed assistance in such areas as power production and evacuation, national grid and human capacity building, among others.
According to him, these are the major areas in which the Federal Government has “serious” constraints in the power sector. He said the government had done a lot to ensure improved power generation, adding that with the assistance of the U.S., Nigeria would not experience epileptic power supply again.

Nnaji explained that many of the young staff of PHCN had not had any training and the government would want to train them.


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