United States Commend Nigeria Over Power Privatisation

Nigeria double-edged power privatisation exercise is received commendation from the government of the United States of America.

Carlos Pascual, United States special envoy and coordinator for international energy affairs gave the commendation at the just concluded Nigerian Investment summit in New York, describing the exercise as unprecedented.

Pascual said that there are few countries in the world where such a wholescale exercise was carried out to completion.

The US envoy however cautioned the Federal Government to ensure full implementation of the exercise to avoid its failure.

He noted that in the course of implementing the privatisation exercise there are huge business opportunities that would emerge, adding that the country must increase its power generation about four times of the planned 10,000 megawatts.

In addition to the privatisation of the generation and distribution power assets, the Federal Government in its bid to boost generation to its planned 10,000 target has continued to build 10 additional power plants.

There are 11 Distribution Companies (Discos) and 6 Generation Companies (Gencos) and then there is the Transmission Company of Nigeria (TCN).

Following the approval of the National Council on Privatisation chaired by Vice President Namadi Sambo late last year, the preferred bidders paid a total of $335,854,986.15, which the transaction process required them to pay as bid guarantees.

The distribution companies and preferred bidders are Abuja Distribution Company, Kann Consortium; Benin Disco, Vigeo Power Consortium; Eko Disco, West Power and Gas; Enugu Disco, Interstate Electrics Limited; Ibadan Disco, Integrated Energy Distribution and Marketing Limited.
READ MORE: http://news.naij.com/48630.html