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Thursday, May 23, 2013 11:18 AM |
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FG Accesses $500m AFDB Facility For Transmission Network |
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About $500 million facility from the African Development Bank (AfDB) has been activated by the federal government to upgrade the country’s weak electricity transmission network.
The loan, which could be part of the $3.4 billion required by the government to upgrade Nigeria’s transmission network to at least evacuate generated electricity between now and 2016, would be closely administered by a monitoring and evaluation (M and E) committee which was yesterday constituted in Abuja by the Minister of Power, Prof. Chinedu Nebo.
Specifically aimed as an intervention fund for the power sector, the loan according to a statement from the ministry, is expected to be released in tranches of $100 million, while the setting up of the committee is one of the pre-conditions for further drawing the financial support from the AfDB.
The statement, however, did not provide details on the funding arrangement but explained that the Transmission Company of Nigeria (TCN),
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Thursday, May 23, 2013 10:56 AM |
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Power Financing: Banks Eager, Await Documentation Outcome |
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Monday Onuwabuagbe a small business owner who runs a photo studio in FESTAC town, a Lagos suburb, has heard of plans to reform the government-owned Power Holding Company of Nigeria (PHCN) by selling it off to core private sector investors.
Onuwabuagbe, who is in his late fifties, is optimistic that the reforms will put an end to the daily blackouts which cast a shadow on his otherwise, flashy snapshots. He however says he is in the dark, about the current state of the reform process.
“The last we heard, Government was going to sack the PHCN workers,” Onuwabuagbe said.
“Right now I have no idea what is going on with the privatisation process.”
Nigerian and global banks which have better insight on the reform process, are eagerly awaiting the outcome of the documentation and subsequent handover of power assets to prospective buyers,
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