Nigeria: According to General Electric (GE)’s Mr Lazarus Angbazo, President & Chief Executive Officer, CEO, General Electric Nigeria, the country’s electricity infrastructure is ageing and degraded, and causing the current power crisis in the country.
In Mr Angbazo’s paper ‘How Do We Harness Electricity to Transform Social Infrastructure?’ the country has inadequate generating capacity. The transmission facilities are ageing and degraded, while the distribution facilities, such as power transformers amongst others, are highly inadequate.
Angbazo, however, noted that there are a number of opportunities in the Nigerian power sector, reports All Africa. He urged acceleration of the ongoing grid upgrades, promotion of private sector investment in the national grid and a comprehensive human capacity and skills development programmes.
Mr Batchi Baldeh, Senior Vice President, Power, Africa Finance Corporation, AFC, said the potential debt financing opportunity for the National Integrated Power Projects and Independent Power Projects, IPPs, is$ 6.22 billion of the $ 8.886 billion financing required.
According to Mr Baldeh, additional $ 5.758 billion is required for the former Power Holding Company of Nigeria, PHCN generating company assets for capital expenditure and operating expenses over the next five years.
"Other opportunities in the sector are in Transmission and Independent Electricity Distribution Network (IEDN); gas development, supply and transport infrastructure; manufacture of wires, cables, transformers, and other auxiliary equipment." said Baldeh.
Source: All Africa