A Review of the Nigerian Energy Industry

Daewoo, Korea Electric to build Lagos power plants

01 May 2012, Sweetcrude, LAGOS – Daewoo Engineering and Construction Company and Korea Electricity Power Company (KEPCO), both from South Korea, are tipped head a consortium of firms that will build two new power plants in Lagos state.

Construction of the power station is expected to commence before the end of this year.

Joong-Kyum Kim, president and chief executive officer of KEPCO, said the building of the new power plants is another of his country’s bilateral economic commitment with Nigeria.

“We have the requisite experience and capacity to participate actively in the development of any facet of Nigeria’s energy sector’, he said, adding that his company had previously invested in the Egbin power plant in Lagos state.

Mr. Jong-Uk Seo, Daewoo’s president and chief executive officer, who said his company had been engaged in business in Nigeria for the past three decades, stated that his company was ready to continue business in the country.

President Goodluck Jonathan disclosed recently that the Federal government had approved two new emergency power plants in Lagos state to help ameliorate power problem in the state.

Represented at the Lagos State economic Summit last week by Dr. Olusegun Aganga, minister for Trade and Investment,Jonathan said this is part of the Federal Government strategy to increase power capacity this year nationwide.

‘We are working on two important power plants to be cited in Ijora and Egbin, Lagos. This is part of the Federal Government strategy to increase power capacity this year. And it is meant to give Lagos State an adequate and sustainable power supply’, he said.

The President in a recent meeting with some Korean firms had said he had already directed the Ministry of Trade and Investments to review incentives for companies willing to invest in the country. He explained that Nigeria is willing to support them to establish industries in Nigeria.

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