Nigeria’s Economy Leading the Way in Africa
Nigeria is currently positioned as the largest economy in Africa and is poised to become the largest market in Africa for IPP projects. As the country aims to increase total installed capacity to 20,000MW by 2020 and with the unbundling of the oil and gas sector, and privatisation of the power sector underway, new generation capacity is going to rely solely on private sector investment. Government, public sector institutions, investors and power producers all come together to set a new precedent for African power driven by commercial capital and a commitment to the economic value of power generation.
WASHINGTON, 14 September 2015 / PRN Africa / -- IFC, a member of the World Bank Group, is partnering with Energynet limited, global organizers of investment meetings focused specifically on the power and industrial sectors across Africa, and other stakeholders to facilitate investments and deepen private sector involvement in Nigeria's power sector, which is working hard to provide uninterrupted supply to a fast-growing population and economy.
As part of this support, IFC and its partners are hosting the Power Investors conference, which is bringing together major stakeholders in the power sector to discuss challenges, and identify sustainable solutions and partners to help develop the sector. The conference, which runs September 14-15, is taking place under the auspices of Nigeria's Ministries of Power and Finance to assess critical strategies for maintaining momentum in the developing power industry.
Simon Gosling, Managing Director of EnergyNet, said, “Nigeria's power sector reforms have continued to gain momentum and to accelerate the pace of development in the industry. Long term capital and international expertise are critical. Together with IFC and other partners, we are bringing stakeholders to generate investments and build the sector.”
Eme Essien Lore, IFC Country Manager for Nigeria, said, “Nigeria's government has demonstrated a strong will to move the power sector forward, and IFC remains committed to supporting its ongoing power sector reforms.
IFC is partnering with Energynet to help facilitate collaboration among major stakeholders and map out strategies to move the sector forward. As the power sector develops, more jobs will be created and Nigeria's economy will grow.”
IFC has continued to support development in the power sector through the Energy Business Plan, whereby each World Bank Group institution (IFC, The World Bank, and MIGA) will leverage their competencies and products to provide solutions to projects that encourage their viability and contribute to the sustainability of the power sector.
Under the Energy Business Plan, IFC will provide project structuring and investments along with tailor-made packages of risk mitigation instruments that include World Bank Partial Risk Guarantees and MIGA political risk insurance. These interventions will develop power generation, distribution and gas supply.
IFC and EnergyNet have a longstanding partnership, and share the goal of promoting access to electricity in Africa.
SOURCE International Finance Corporation (IFC)
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