17 June 2008 – Nigeria will formally declare a state of emergency in the power sector in July, President Yar’Adua confirmed in Paris this week.
The president confirmed that the state of emergency would be in force for three years and that US$5 billion will be set aside for the rehabilitation and expansion of Nigeria’s power sector.
Speaking to reporters and businessmen during a visit to Paris, the president further said that once the state of emergency was lifted, the generation and distribution infrastructure would be privatised, while the transmission sector will remain under state control.
Nigeria would seek additional financing from international institutions for its power sector the President said, and he confirmed a target of 50 000MW generation capacity by 2020.
He also spoke of the intentions of his administration to reform and develop the upstream petroleum and gas sector in the country, ensuring its self sufficiency in the processing of Nigeria’s oil and gas resources. He also invited to gathered business men to take advantage of the investment opportunities Nigeira offered.
In another meeting with the president of the National Assembly, Bermand Accoyer, Yar’Adua called for greater investment in Africa.
"What we want from France as a country is more investment. We are grateful for all the assistance by way of aid. Aid is good but trade is far better. What we need in Africa is investment. For Africa to attain the Millennium Development Goals, we have to improve in the area of infrastructure. We will require the partnership of our friends, especially France, for the attainment of this objective," he said.