28 July 2014, Abuja – The Director-General, Bureau of Public Enterprise (BPE), Benjamin Dikki has urged banks to invest in the provision of infrastructure in the power sector, lamenting that in spite of the agency’s efforts to attract investors into the sector, the level of investment remains very low.
He urged the lenders to enter into agreement with the distribution companies (DISCOs) by funding transformers’ purchase.
He said infrastructure remains the major problems besetting the sector, noting that BPE has on several occasions appealed to investors to set up companies that would manufacture transformers, cables, meters and other components needed to distribute power effectively in the country.
He said one or two companies produce meters in the country, adding that they have not been able to meet the demands.
He said: “We have appealed to investors invest in Nigeria. We have shown them that there is an opportunity in the country. We have provided an opportunity for investors meet us (BPE) on the issue of producing transformers, cables, smartcards, meters, but to no avail. These components are important in the industry, if we are to achieve meaningful progress. The DISCOs need them to distribute electricity they get from the gas-powered plants.’’
He said huge capital is required to set up companies that would manufacture power equipment, giving the state of the country’s economy.
“Nigeria requires millions of metres to provide power to people. To produce these meters and other equipment in Nigeria, billions of dollars are needed to achieve results,” he added.
– The Nation