European Investment Bank ready to invest in Nigeria’s power sector

By Robert Obi

The European Investment Bank (EIB) is interested in investing in Nigeria’s power sector, Rogr Kelly, an official of the bank, said on Wednesday in Abuja. He said this when he led a delegation from the bank on a fact-finding visit to the Ministry of Power.
The Loan officer said the bank was willing to assist Nigeria to reduce or eliminate the challenges it was facing in the power sector, adding that it had assisted some developing countries in solving their energy problems.
He said the bank was willing to invest about 50 per cent of its equity share in renewable energy, small hydro plant and Biomass.
Responding, Zainab Kuchi, the Minister of State for Power, said that Nigeria had planned to generate over 10,000 megawatts in 2012, but could only generate about 4,500 megawatts. She said that Nigeria had an enabling environment for investors, “ who are interested in investing in the power sector’’.

Kuchi said that Nigeria would need N3.5 billion annually if it was to meet 40,000 megawatts by 2020.
EIB is the European Union’s non-profit long-term lending institution established in 1958 under the Treaty of Rome.
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