8 March 2010
Minister wants technical team for N500billion power fund
Posted by AdaUgo under: Uncategorized .
Excerpts from a 234Next article written By Bassey Udo (March 8, 2010)
Minister of Power Lanre Balalola at the weekend called for the setting up of a technical management team for the N500billion power fund set aside by the Central Bank of Nigeria (CBN) to boost development of the nation’s power sector.
“To ensure effective utilisation of the facility and development of the power sector, the CBN should consider the establishment of a fund for the sector that provides credit support for independent power projects (IPPs); a more central role by CBN in the provision of guarantees and securitistion arrangement; assistance with hedging of foreign exchange rates,” he said.
He said this team should comprise representatives from the ministry and the CBN, to ensure that a holistic approach is adopted in the effective utilisation of the fund, taking into cognisance the challenges of power transmission and distribution as well as fuel supply and other technical variables to avoid the problem of abandoned projects.
The CBN last week announced plans to provide N500billion facility for investment in debentures issued by the Bank of Industry (BOI) for investments in emergency power projects, dedicated to industrial clusters in various parts of the country.
Read all about it: http://234next.com/csp/cms/sites/Next/Money/Business/5537016-147/story.csp
2 Comments so far...
wole odetayo Says:
22 April 2010 at 1:17 pm.
I know real Nigerians won’t rest until Power Supply is stable in Nigeria. This is our key to Economic success in the country.
joan Says:
1 September 2010 at 4:20 pm.
God is our watch word, we should all be steadfast in all that we do.
