In an interview over the weekend, Dr Ransome Owan, chairman of the Nigeria Electricity Regulatory Commission (NERC), said that $8 billion was expected to pour into the Nigerian power sector within the next three or four years.

The commission has, over the last 20 months, issued licences to 21 independent power producers. In addition to the financial benefits, power generation would increase by 8 000MW.

Mr Joseph Makoju, special adviser for electricity to President Umaru Yar-Adua, said that Nigeria needed an investment of $90 billion to generate 70 000MW of electricity.