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Nigeria Needs $35 Billion To Produce 40,000 MW Electricity By 2020

Nigeria Needs $35 Billion To Produce 40,000 MW Electricity By 2020

From This Day Via AllAfrica

Nigeria needs approximately $35 billion to get to the government target of 40,000 megawatts by 2020, the Director of Finance and Investment at Heirs Holdings, Mr. Sam Nwanze has said.

He therefore stressed the need for increased funding of the power sector.

Nwanze said this recently while addressing key members of the Nigerian and international public sector on how to attract strategic funding options to encourage sustained development of Nigeria’s power sector, during the opening plenary session of the Power Sector Workshop at the African Business Summit and Business Associations conference in Abuja.

Nwanze expounded on the market’s ability to attract the financing required for proper rehabilitation of the power sector.

He said: “When people hear that figure, they see problems. At Heirs Holdings, we see opportunities.”

During the power privatisation programme, Heirs Holdings, through its investee company Transnational Corporation of Nigeria Plc (Transcorp), took over the Ughelli power plant in Delta State in November 2013.

“In less than three months under the management of TranscorpUghelli Power Limited (TUPL) the plant’s new owner, Ughelli Power more than doubled its generation capacity from 160mw to 360mw,” the statement added.

Read more at AllAfrica