Thursday, January 31, 2013

EIB to invest in Nigeria's power sector

EIB to invest more than 50% in Nigeria's power sector

The European Investment Bank (EIB) on Wednesday declared its interest to invest more than 50% in Nigeria's power sector.

Roger Kelly, who led delegates from the EIB, announced the plan when his team visited the ministry of power in Abuja.

Kelly, who is a loan officer in the bank, said the EIB is willing to invest about 50% of its equity share in renewable energy, small hydro plants and biomass.

In response, Hajia Zainab Kuchi, the minister of state for power, said Nigeria's target was to generate more than 10,000 megawatts.The country presently generate about 4,500 megawatts.


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