Lagos, Nigeria — ESI-AFRICA.COM — 20 February 2012 – The government of the United States has declared its readiness to invest as much as US$1.5billion in the Nigerian power sector through its various private sector companies interested in entering the Nigerian energy industry.
Vice-chairperson and first vice-president of the United States Export Import Bank Wanda Felton, who is a member of an on-going United States Energy Trade Mission to Nigeria, revealed this here while fielding questions from journalists.
Felton who said the US$1.5 billion would only be a first tranche of a broader spectrum of investment in Nigeria’s power generation, transmission and distribution, added that the funds would certainly build up into higher investment as they progressed.
“We are committed to staking as much as US$1.5billion in financing to support investment in the Nigerian power sector and that amount could catalyse into other investments. So we can look at it as an investment that will multiply well beyond this initial US$1.5 billion” she added.
Another mission member deputy assistant secretary for African affairs Williams Fitzgerald said there were eight companies from the US on the Trade mission, which had taken them to Mozambique, Kenya, Nigeria and finally Ghana.
“We want to attract US companies into the Nigerian Power Sector. We do not want them to miss out.
Fitzgerald added that the mission would also be providing finance and investment for companies investing in the power sector, which she said required a lot of capital.
“We want to be there to provide capital to help Nigeria complete the reform process. We provide the lowest cost of financing and this is another area where we compete well,” she said.