Korean firm to invest $30bn in Nigeria’s power sector

power-transmission-station203 June 2013, Abuja – The Korean firm, HQMC, plans to invest $30 billion in Nigeria’s power sector in the next 10 years, according to a statement from the Ministry of Power.

The Nigerian government at the weekend signed a Memorandum of Understanding, MoU, with the Korean company on the investment plan.

Minister of Power, Professor Chinedu Nebo, said at the MoU signing ceremony that Nigeria would soon experience a quantum leap in power generation given the amount of investments so far in the power sector.

He said the addition of 1,000 megawatts, mw, of solar power yearly for the next ten years will give the nation the required energy mix needed for sustainable development, adding that Nigerians, all over the country, would benefit from the project proposed by the Korean company.

Also speaking at the event, the Managing Director of HQMC Korea, Mr. Moon Sang Kim, stressed on the determination of the company to make a success of the project.

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