(Daily Trust) – Nigeria needs $100 billion investment in the power sector in order to achieve 40,000mw in the year 2020, the Power Minister Professor Barth Nnaji has said.
He said the Federal Government doesn’t have such huge capital outlay as it is only available in the international money markets.
He disclosed this in a paper, “Nigeria: A Miracle Waiting To Happen”, he presented at the conference of National Association of Energy Correspondents of Nigeria (NAEC) in Lagos at the weekend.
“This huge capital outlay is not available to the Federal Government which has other competing needs. Nor can this amount be obtained within the country for the sole purpose of developing the power sector. This kind of money is available in the international money markets. Nigeria’s power sector can attract it,” he said.
He said the Federal Government is not resting on its oars to achieve 5000mw by December and grow same in subsequent years.
According to him, the President has already approved the building of the super grid transmission infrastructure.
“We are already clearing a lot of faults in the transmission network across the nation, upgrading and modernizing many aspects. This is why the transmission infrastructure now wheels over 4000mw comfortably. This distribution network is also being rehabilitated,” he said.
The minister further said the Federal Government has accepted the regularization of the appointment of some 10,000 casual workers in the employ of the Power Holding Company of Nigeria(PHCN) as part of the moves to smooth sail the privatization of the power sector.
He also said that workers of the power company will now enjoy a 50 percent salary increase and they would henceforth be trained periodically.
He also said many of the workers would retain their jobs after the privatization of the entity.
“Many of the workers will, of course, be retained by the new owners of the power assets. Power workers are not trained overnight. Some workers may choose to start their businesses as consultants and contractors, or even as manufacturers of feeder pillars, distribution transformers, cables, etc,” he said.