Business
Nigeria on track towards power utility privatization
“Today’s event signals a major step forward in the implementation of our power sector road map,” President Jonathan said. “I congratulate the signing parties for reaching this significant target in our collective efforts to revitalize this sector, which is so important to our lives and development.”
Previous state sell-offs in Nigeria were blighted by political infighting and graft, which have caused years of delays. Regulators say this process has been transparent.
World bank officials also signed a credit risk guarantee on a loan from Deutsche Bank’s U.S. subsidiary to finance gas supplies to the 1,320 megawatt Egbin Power Plant, which is based outside Nigeria’s commercial-hub Lagos, and of which Korea’s KEPCO was offered a 70 percent stake this month.
Source: Reuters
