U.S. Firm Promises 400MW In 14 Months

energyIn the next 14 months, an American consortium (Team Africa), would generate 400Mega Watts ( MW) from its electricity investment plans for Nigeria.
Speaking during a visit to the Ministry of Power, Abuja, the leader of the American investors’ delegation, Mr. Roy Yeferez , who unveiled the plan, also noted that the investment decision, which is expected to boost the nation’s power sector is an outcome of the recent visit Minister of State for Power, Mohammed Wakil to United States.
According to Yeferez, on the invitation of Obama Power Africa Initiative, Wakil had convinced the potential investors that Nigeria is the best investment destination in Africa.
He said contrary to negative stories being peddled by the international media about Nigeria, he found the country a wonderful place having gone round some states of the federation.
Yeferez, said already his team had identified site location in Bayelsa State where a plant will be built to generate 400MW of electricity in the next 14 months.
“There are also plans to increase power to between 500 and 600MW in the next four years. We are prepared to assist Nigeria with power generation, the paltry generation put at about 4000MW is abysmally low to cater for 170 million people, at least the country require 30, 000MW now”
He assured that the group, has the technical and financial capacity to create positive impact in the sector having garnered experience spanning over 55 years, stressing we are in Nigeria to create jobs for teaming Nigerians”.
Earlier, the Minister of State Power, Mohammed Wakil, highlighted four key reasons why Nigeria is the best investment destination in Africa.
According the Wakil, the country’s huge population of 170 million people, is a comparative advantage which could invariably translate to big purchasing power.
He stated that Nigeria’s legal environment is such that encourage and protect investment adding that government has demonstrated the political will to drive and support the investment especially in the power sector.
“Nigeria’s population of over 170 million people is a comparative advantage whenever investment decisions are being considered. Also the nation’s legal environment is protective of investment and the government has demonstrated the political will to drive investments” he said.
Wakil said the “American investors have shown rare courage to come and see things for themselves, the action so far demonstrated is only a response to President Goodluck Jonathan’s matching order as foot soldiers to woo would be investors any time we have the opportunity. So as to fast track investment activities in the sector”
He commended the investors for their prompt response and also for their positive comments after going round the country, stressing that TEAM Africa is a serious business group ready to invest in Nigeria.