Nigeria attracts $212m investment through Obama’s Power Africa Initiative

OSCARLINE ONWUEMENYI 30 September 2014, Sweetcrude, Abuja – A group of American energy companies have indicated interest in investing over $212 million in renewable energy in Nigeria as part of recent deals struck on the platform of President Barack Obama’s Power Africa Initiative.
The companies, including Global Business Resources USA, FlatBush Solar USA, Global Resources Network USA, and Charbourne & Parke, LLP USA, who announced their intentions at a meeting with the Executive Secretary of Nigerian Investment Promotion Council (NIPC), Mrs. Saratov Umar, in Abuja, said the investment is expected to contribute 100 MW from Renewable Energy sources into the national grid by late 2015.
energy-saving-bulbtSpeaking at the meeting, the Executive Partner of Global Resources USA and leader of the group, Mr. James Nicholas revealed that the group visited Nigeria to see observe close hand the business opportunities in the country and to facilitate energy deals in line with the Power Africa initiative.
He added that the group was already engaged in discussions with the Abuja Distribution Company and planned to visit Kano to hold talks on the necessary logistics including where to float the project.
Mr. Nicholas further stated the group’s desire to facilitate multiple rural electrification projects across the country in order to positively impact on the rural citizenry and secure other infrastructure.
He said the energy sector in Nigeria was viable even though untapped, noting that the businessmen were aware of government’s efforts to reform the sector and attract investments into the country.
Mrs. Umar welcomed their intentions and promised that the commission would provide the necessary support and play its own role in ensuring the smooth take off of the planned projects.
She pointed out that NIPC is central to the success of the proposed investments because of its government-given mandate of encouraging, promoting, coordinating and monitoring all investments in the economy.
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