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| A scramble of power cables in Oshodi district of Lagos (AFP/File, Pius Utomi Ekpei) |
The deal comes as Nigeria seeks to solve its longstanding electricity shortages by privatising power production and distribution, with outages daily occurrences in Africa’s most populous nation and largest oil producer.
Privatisation will open up opportunities for foreign companies, though Nigeria’s deeply rooted corruption has often been a stumbling block to successful investment in the country in the past.
Fred Hochberg, the chairman of the bank who visited Nigeria this week, said in the statement that “$1.5 billion is just a start.” The bank is an independent government agency that provides export financing to US companies.
“We want to deploy this financing as quickly as possible to help meet President Goodluck Jonathan’s goals for growing the Nigerian economy by greatly expanding the availability of power in the country,” he said in the bank’s statement.
“The bank’s board of directors will certainly consider additional financing if needed.”
Nigeria intends to boost its power output ten-fold by 2020.
The bank said that Nigeria is one of nine countries it has identified as offering US companies the greatest opportunities for sales.
The other countries are South Africa, Turkey, India, Indonesia, Vietnam, Brazil, Mexico and Colombia, it said.
Nigeria is also a major supplier of US crude imports.
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GEJ will bring Goodluck to Nigeria. Shame on all enemies of progress that do not see any good thing in this government. I hope they are seeing this.
ReplyDeleteShame on you for thinking that a government that collects loan and then transfers it to the citizens is a 'good' government. Who pays for all these loans and their interests? It is the masses who are going to be charged huge amounts for electricity that its not even available!
ReplyDeleteYou dey talk like say light don shine! Wait and see, The Nigerian boys will do their part and u will be using goodluck to power your generator wen petrol goes to N200 a litre!
ReplyDeleteseeing what. Hope you are not one of those sharing the money, PDP share the money.
ReplyDeleteGEJ should bring out the something that is good in him. He shouldn't be moving at a speed that is slower than that of snail.
ReplyDelete