Nigeria needs $10bn annual investment in power sector -Jonathan
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http://www.compassnewspaper.org/index.php/news/nigeria-today/13073PRESIDENT Goodluck Jonathan said yesterday in Cape Town, South Africa that following the total privatisation of power generation and distribution in Nigeria, his administration expects an annual private sector investment of about $10b in the country’s power sector over the next 10 years.
Speaking at the World Economic Forum on Africa, President Jonathan said that realising that government alone cannot build the infrastructure that the country needs, the Federal *** has completed the biggest transfer of power assets in Africa to private investors.
The President said that to speedily overcome the infrastructural deficit that currently limits the pace of their economic development, Nigeria and other African countries must find innovative ways of funding essential infrastructure in areas such as power supply , energy and communications.
Noting that without a common framework as a basis for collaboration, little progress will be made in the development of infrastructure across Africa, President Jonathan commended the African Union Commission, the United Nations Economic Commission for Africa, the African Development Bank and the New Partnership for African Development (NEPAD) for establishing the Programme for Infrastructure Development in Africa (PIDA).
The President said that he was delighted that PIDA will build on plans established under previous initiatives such as the NEPAD Medium to Long Term Strategic Framework and the African Union Infrastructure Master Plan.
He said that Nigeria will continue to support the development of continent wide infrastructure such as the Nigeria-Algeria Gas Pipeline Project and the Lagos-Abidjan Highway Project.
President Jonathan, however, disclosed that in the light of recent developments in the global gas industry and the collapse of gas prices, the Nigeria-Algeria Gas Pipeline Project concept is being reviewed to determine its continued viability.
“My expectation is that PIDA will hasten Africa's integration through trade and migration which has been a priority and central element of the continent's development strategy. On our part, we are committed to the integration of Africa's infrastructure and its development,” the President said at the session which was dedicated to the development of Infrastructure in Africa.
He welcomed PIDA’s alignment with the vision of the Economic Community of West African States vision of the free movement of the free movement of people, goods and services.
He observed that Africa requires about $100b annually for infrastructure development in the next decade, whereas only a quarter is being spent today
He said poor infrastructure in several African countries have served as additional cost to businesses *** it difficult for competition.
President of the African Development Bank ADB, Donald Kaberuka, in his remark, said Africa needs a double digit growth to sustain development and eradicate poverty.